83
Lesson 83 of 84 · Economics
Opportunity Cost: Every Choice Has a Trade-Off
Opportunity cost is what you give up when making a choice. Spending your allowance on a book means you cannot also buy a toy. Every decision involves trade-offs.
Key Facts
1
Supply and demand affect prices.
2
Trade connects people globally.
3
Every choice has an opportunity cost.
Check Your Understanding
Question 1
1 of 2What are goods?