OPPORTUNITY COST CHAPTER 3 Flashcards
1
Q
Define Opportunity cost
A
Next best alternative forgone/ that you missed out on.
2
Q
State the opportuiny cost of consumers buying a good.
A
Money spent in bying the good is spent in buying a service or another good or invested.
3
Q
What is the importance of opportunity cost for the Producers?
A
Resoures allocated in the most profitable and least opportunity cost area possible.
