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Friday, June 12, 2020

Business Studies - Opportunity Cost

In our lesson in Business Studies, we learnt about opportunity cost. Opportunity Cost means losing something when you've chosen your first alternative (there is also another definition on the video).
We were given a scenario and was told to share what we've learnt today in our blog, such as the definition of opportunity cost. I made mine using Powtoon.

Opportunity cost helps us to make better and more profitable decisions. It allows us to compare relative prices which is the total value of each option and decide which offers the best value for our money, it also allows us to compare the benefits of each alternative.

I've put the scenario and explained which one is the opportunity cost of the scenario is.

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