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Own lawn - PowerPoint PPT Presentation

Opportunity Costs

Opportunity Costs. Scarcity & Opportunity Cost. Because of scarcity, we must make choices With any choice, there are costs & benefits. The Big Idea. Opportunity Cost is the value of any alternative that you must give up when you make a choice. It is the value of the opportunity lost.

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287 views • 10 slides

Should Tiger Woods Mow His Own Lawn?

Should Tiger Woods Mow His Own Lawn?. How can people benefit from s pecialization and trade?. Tiger can mow his lawn in only two hours, but he can also make $10,000 in two hours doing appearances. Tiger has a neighbor, Forrest.

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172 views • 4 slides

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Own lawn - PowerPoint PPT Presentation

Opportunity Costs

Should Tiger Woods Mow His Own Lawn?