Opportunity Cost

Opportunity Cost

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  • Opportunity Cost & Scarcity
  • Opportunity Cost- The value of a choice "relationship between scarcity and choices. " Scarcity-Condition when there are not enough resources to satisfy all the wants of a person. Choices- Decisions of a person and society made about the use of a scarce resource.
  • Enjoying my ride
  • Hey Mom, Can we go to Ross Dress for Less to buy some shoes?
  • Sure hun.
  • Reached the Store
  • Marble Slam Creamery
  • Yay!!!
  • Ross Dress for Less
  • Don't take too long and spend a lot of money.
  • I will not spend "too" much money.
  • Subway
  • A few reminders of some terms.
  • Shoe Prices
  • Look at this...it's $15 each and you can get 4 pairs of shoes for the same price as the Nike's.
  • We just came from a friend's house and on our way back home I saw a shopping center.
  • Results
  • Mom knows best right??
  • Hello, find what you were looking for?
  • Yes, I know mom.
  • Finally, I get to do some shopping for school.
  • The End
  • You are welcome.
  • I realized that I mostly needed new shoes for school. When arriving at the shoe section, I saw one pair of Nike shoes and another brand of shoes called Jellypop Comfort Fit.
  • Nike
  • Jellypop Shoes
  • OMG!! 60 dollars!!!!
  • I was happy I got four pairs of shoes just for $60  instead of just one pair for the same price.
  • My opportunity cost would be the Nike shoes that I had chosen not to buy. (The loss of potential gain from other alternatives when one alternative is chosen. )
  • Thank you, mom.
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