MONEY: Making Decisions
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What you need to know...
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Lesson Resources
Opportunity Cost- What is meant by opportunity cost? - check out the video below - The first few minutes in the video are the most important!
Opportunity cost & the banking bailout- Since 2007 the UK government has made several interventions in the banking sector, spending billions of pounds to support the industry
- What is the opportunity cost of spending £38 billion pounds of taxpayers money (click on the image opposite to find out)? Note: £38 billion is just a fraction of what has been spent so far to support the banking sector! Stretch & ChallengeWhat is wrong with this picture? Think opportunity cost!
- Economics is about looking at things from different angles and other people's perspectives.
- Now that you understand the concept of opportunity cost it'll hopefully influence how you think about things and therefore your behaviour i.e. the choices that you make on a daily basis. - I would like you to write me a blog entry using the forum link on the website of how the concept of opportunity cost has influenced you in your day to day activities, since understanding what it means. - Remember that opportunity cost occurs for all choices, no matter how big or small. |