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Opportunity cost/ Factors of Production - Coggle Diagram
Opportunity cost/ Factors of Production
PRICE OF CHESS COURSE: 80 Dollars
OPPORTUNITY COST: The next best option Forgone
Buying an average grocery shop for a family of 4
Buy some cheap Ikea furniture
Buy a gift for a family member
Opportunity cost Is the loss of other alternatives when one alternative is chosen.
FACTOR OF PRODUCTION
LABOUR
You need skill and experience to teach chess and a skilled programmer to make the website
Enterprise: You need the imagination to create and establish a chess course
Capital: To set up a chess course. You need a laptop and Wifi to access to the internet
THE MOBILITY OF A CHESS COURSE
.
Enterprise: Enterprise is already completely mobile.
Capital: The capital used ie Laptop is completely mobile.
Labour: When the course is finished. The owner can change priorities and move around. This means he is completely mobile.
QUALITY vs QUANTITY
Quantity: This depends on how much content there is in the course.
Quality: This depends on whether the chess teacher is good or not. NOT IF THERE GOOD AT THE GAME
This Poster is about a chess course I bought a few months and what I could've done with the money. This also shows the factor of productions for a chess course plus the mobility and quality/quantity
Cambridge Economics Chapter 2; Factors of production and 3; Opportunity cost.
