1aEasy1 mark
A student uses Saturday to revise instead of working a paid shift. What is the opportunity cost?
Opportunity Cost Assessment
8 questions · 12 parts · 23 marks
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2aMedium3 marks
A council uses a site for a bus station instead of affordable housing. Explain why the opportunity cost is not simply “all other projects”.
Answer
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2bHard3 marks
Create a clear annotated answer on the canvas. Use a diagram, graph, flowchart, equation layout and/or concise labels to show your reasoning.
A firm can use a fixed machine to produce either 800 chairs or 500 tables. Explain what additional information is needed before stating the opportunity cost of producing chairs.
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3aEasy1 mark
Define opportunity cost.
3bEasy1 mark
Why is opportunity cost not every rejected option?
4aEasy1 mark
What is the opportunity cost of spending income?
5aEasy1 mark
What is the opportunity cost of a firm using a machine for one product?
5bEasy1 mark
When can opportunity cost change?
6aMedium1 mark
Use the lesson knowledge to answer precisely: Define opportunity cost.
6bMedium1 mark
Use the lesson knowledge to answer precisely: Why is opportunity cost not every rejected option?
7aHard5 marks
Independent transfer — Opportunity Cost. Change one meaningful feature of this lesson case, then solve and check the revised problem: A government uses a vacant city-centre site for affordable housing. The best alternative use was a health clinic. What is the opportunity cost? Your variation must still address “Define opportunity cost as the next best alternative foregone.”.
Your new case, method, check, and conclusion
0 words
8aHard4 marks
Representation practice — Opportunity Cost. Create a labelled diagram, graph, table, model, flowchart, equation layout, or annotated explanation that makes the reasoning in this case visible: Explain the mechanism, relationship, decision, or calculation in this lesson-specific case from “The meaning of opportunity cost”: Suppose a student has one free evening and chooses to revise. They may also have been able to watch a film, work for pay or visit friends. If the paid shift was their most valued alternative, the opportunity cost of revision is the income and experience from that shift — not the film and visit as well. Ranking alternatives is essential. container Definition to learn accurately info The next best alternative foregone when a choice is made.
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