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Chapter 3 opportunity cost - Coggle Diagram
Chapter 3 opportunity cost
The alternative choice
The next best opportunity cost given up economic decision
Example of opportunity cost
Building the additional airport terminal which the government could be using to building the public houses for the low income families
Visiting the cinema on Saturday night the money could be instead earned from the neighbor and babysitting
Choosing IGCSE economic to study which you could also study other IGCSE subject to instead
The school purchasing which is buy 100 laptop to use in classroom but it might be the science equipment so the school couldn't buy it
The university study have degree income which only have very less student could go to the university then the undergraduate student could only go to work to instead to go to the university
influence opportunity cost
The basic economic problem which is the economic scare resources which have an opportunity cost when there have scare resources
The decision of opportunity cost made by
government
Need to face the decision and involve the opportunity cost
government spend more money on the improve economy infrastructure
Improving the transporation
communication internet
consumers
have an limited income whenever they buy the goods or services, they would give up the benefit goods to buy another products
workers
the workers need have an specalise
accountants
Secondary school teacher
doctors
Lawyers
The worker would give up the opportunity cost to purchase other job and careers which could find their own specialise
producers
Choose to competing opportunity cost
e.g. the TOYOTA have decide how the best allocate which is the research and the development expenditure to developing the petrol-fuelled cars or hybrid electric cars