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Opportunity Costs and Trade-offs

Opportunity Costs and Trade-offs. Mr. Miller. Opportunity Cost. In every decision you make, there is an economic cost associated with that decision. These costs are known as OPPORTUNITY COSTS and TRADE-OFFS…

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Opportunity Costs and Trade-offs

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  1. Opportunity Costs and Trade-offs Mr. Miller

  2. Opportunity Cost • In every decision you make, there is an economic cost associated with that decision. • These costs are known as OPPORTUNITY COSTS and TRADE-OFFS… • Opportunity costs – the highest valued alternative that is given up when a choice/decision is made. • Ex. Choosing clothes, cars, what to do with time, etc… • Trade-offs – When less of something is given up for more of something else. • Ex. Saving money

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