What is an opportunity cost?

-Cost of best alternative forgone-Can be applied to firms, consumers and government (our main groups for micro)-Give some examples or see if they can come up with their own

KL
Answered by Kavisha L. Economics tutor

1205 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Explain three possible reasons for growth in the value of an economy’s exports of goods.


Explain why a firm in Perfect Competition earns supernormal profits in the short-run


Why does the demand curve slope downwards?


Bill's Diner is an American burger restaurant. There is an increase in import costs of products needed from America, and change in perceptions of fast food such as burgers, due to an increase in health warnings. Discuss the effects on the market. (6)


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences