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Frequently Asked Questions - opportunity cost

FAQs - opportunity cost

Definition must include the following:

the (next) best alternative foregone/not taken as a result of taking a decision/making a choice.

Because it is a 3 marks question – appropriate example of choice must be given.

The answer must include the following concept explanation 

  • scarcity due to limited resources  and unlimited wants of consumers 
  • this leads to choices being made and opportunity cost when a choice is
  • Therefore, proper decision must be made to utilise the resources in the optimal manner in terms of what to produce, how to produce and for whom to produce 

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