Tuesday, February 27, 2007
Opportunity Costs
When economist have opportunity cost they have to see what will have the best outcome in th long run. They want to make more money in less time for somethding valuable then unvalueable.The decision to produce or consume a product involves giving up another product. The real cost of an action is the next best alternative forgone. When I want to go college and pay alot of money in 4 years then trying to get the same job done with the amount i would pay to get into college. Another one if i wanna buy clothes and i really need the sneakers i woudld dhave to give up buying inexpensive pair of sneakers then buying expexnise clothes.
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