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FMTradeoffs&OppCosts

Opportunity Cost & Trade offs

QuestionAnswer
Trade Off Definition Give up one thing for another
Opportunity Cost Definition The value of the next best alternative that must be forgone as a result of the decision
Give up daily pop to save $5 this week trade off
I lost time with my friends because I had to study trade off
what you could have done with what you gave up opportunity cost
what you sacrifice to get something else trade off
I could have gone to the movies but I gave up the $12 so I could go to the game. opportunity cost
I could have made $20 babysitting but I decided to use that time to hang out with my friends opportunity cost
I called off work so I lost my job trade off
Fred decided to get Nikes instead of Reeboks trade off
Barney picked the $20 jeans instead of the $50 jeans trade off
Oscar the Grouch could live in a house but instead he lives in a trash can. It's no wonder he's not happy opportunity cost
Mom used the car to go to the grocery store. So it isn't available. I could have been there sooner, but I have to walk to a friends house. opportunity cost
Created by: sfleece
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