Asked by
emily ortiz
on Oct 27, 2024
Verified
Your elderly grandma tells you: "I haven't been taking my beloved walks because I'm concerned about falling and getting hurt.See,there is always a cost to doing something.But if you don't do anything,then there is no cost." Your grandma does not understand the economic concept of:
A) scarcity.
B) efficiency.
C) opportunity cost.
D) marginal analysis.
Opportunity Cost
The cost of the next best alternative that is forgone when making a decision.
Economic Concept
A principle, theory, or idea that forms the basis for economic analysis and decision-making.
Marginal Analysis
An approach in economics that involves examining the consequences of adding to or subtracting from the current situation.
- Realize that the concept of opportunity costs covers both pecuniary and non-pecuniary factors.
Verified Answer
AS
Learning Objectives
- Realize that the concept of opportunity costs covers both pecuniary and non-pecuniary factors.