Opportunity Cost
Muhtasari
Every time you choose one thing, you quietly give up something else. A government that builds a new airport terminal cannot spend that same money on hospitals; a student who studies Economics gives up the other subject they could have taken. That hidden cost of the road not taken is one of the most powerful ideas in the whole subject.
In this lesson you will define opportunity cost precisely, see it at work for consumers, workers, firms and governments, and read it straight off a production possibility curve. By the end you will be able to spot the sacrifice behind any economic choice and explain why rational decision makers weigh it carefully.
Malengo
- definition of opportunity cost
- examples of opportunity cost in different contexts
- decisions made by consumers, workers, producers/firms and governments when allocating their resources
Maelezo ya Somo
Inapatikana kwenye programu ya Green Bridge
Pakua programu ya Green Bridge CBT kwenye simu yako au kompyuta yako ili kupata maelezo kamili ya masomo, maswali ya mazoezi, na mengi zaidi.
Tathmini ya Somo
Hongera kwa kukamilisha somo la Opportunity Cost. Sasa kwa kuwa umechunguza dhana na mawazo muhimu, ni wakati wa kuweka ujuzi wako kwa mtihani. Sehemu hii inatoa mazoezi mbalimbali maswali yaliyoundwa ili kuimarisha uelewaji wako na kukusaidia kupima ufahamu wako wa nyenzo.
Utakutana na mchanganyiko wa aina mbalimbali za maswali, ikiwemo maswali ya kuchagua jibu sahihi, maswali ya majibu mafupi, na maswali ya insha. Kila swali limebuniwa kwa umakini ili kupima vipengele tofauti vya maarifa yako na ujuzi wa kufikiri kwa makini.
Tumia sehemu hii ya tathmini kama fursa ya kuimarisha uelewa wako wa mada na kubaini maeneo yoyote ambapo unaweza kuhitaji kusoma zaidi. Usikatishwe tamaa na changamoto zozote utakazokutana nazo; badala yake, zitazame kama fursa za kukua na kuboresha.
- Opportunity cost is best defined as: A. the money price paid for a good B. the value of the next best alternative forgone C. the total of all alternatives given up D. the cost of producing a good Answer: B
- A point inside a production possibility curve shows an economy that is: A. using all its resources efficiently B. producing an unattainable combination C. wasting some of its resources D. on its maximum output Answer: C
- A farmer can grow 10 fewer units of corn to gain 5 more units of wheat. The opportunity cost of 1 unit of wheat is: A. 0.5 units of corn B. 2 units of corn C. 5 units of corn D. 15 units of corn Answer: B
- Which good has NO opportunity cost when chosen? A. an economic good B. a scarce resource C. a free good D. a capital good Answer: C
- Moving from inside a PPC to a point on the curve usually involves: A. a large opportunity cost B. producing less of both goods C. no opportunity cost, as idle resources are used D. an unattainable output Answer: C
Inapatikana kwenye programu ya Green Bridge
Pakua programu ya Green Bridge CBT kwenye simu yako au kompyuta yako ili kupata maelezo kamili ya masomo, maswali ya mazoezi, na mengi zaidi.
Inapatikana kwenye programu ya Green Bridge
Pakua programu ya Green Bridge CBT kwenye simu yako au kompyuta yako ili kupata maelezo kamili ya masomo, maswali ya mazoezi, na mengi zaidi.
Vitabu Vinavyopendekezwa
Fanya Mazoezi ya Maswali ya Majaribio
Ungependa kufanya mazoezi ya maswali ya majaribio kuhusu Opportunity Cost? Pakua programu ya Green Bridge CBT ili kupata maswali ya majaribio na tathmini kamili za mazoezi kuhusu mada hii.
Pakua Programu Kwenye Google Playstore
Kila kitu unachohitaji ili kufaulu katika JAMB, WAEC & NECO.
