2.3 Opportunity Cost Flashcards by Muneeb Ur Rehman | Brainscape

Q

What is Opportunity Cost ?

A

The value of the next best alternative that is forgone when a choice is made.

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Q

What are Economic Goods ?

A

Goods that are scarce and have an opportunity cost

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Q

What are Free Goods ?

A

Goods that have no opportunity cost.

eg. air, light, wind

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