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?
Reached the Store
Marble Slam Creamery
Ross Dress for Less
Don't take too long and spend a lot of money.
I will not spend "too" much money.
A few reminders of some terms.
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.
Mom knows best right??
Hello, find what you were looking for?
Yes, I know mom.
Finally, I get to do some shopping for school.
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.
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. )