Kategorien: Alle - income - university - scarcity - opportunity

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yoghurt ice cream store after 'A' Levels Exam – PDG S08/12 Group4

The text delves into the decision-making process related to setting up a yoghurt ice-cream stall versus pursuing further education at a university. It examines the concept of opportunity cost, emphasizing that any choice made involves forgoing the next best alternative.

yoghurt ice cream store after 'A' Levels Exam – PDG S08/12  Group4

Yoghurt Ice-cream Store ? – PDG S08/12 Group4

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Choice

Alternative or selection
Yoghurt Ice-cream stall
University

Opportunity Cost

The cost of any action or decision, measured in terms of the highest valued alternative forgone.
Further studies

Higher education level

Better job prospects

Higher social status

Higher income

Better quality of life

more satisfaction

Higher standard of living

Other job opportunities

Scarcity

The situation that exists when there is an excess of human wants over what can actually be produced to fulfill these wants.
Capital

Setting up yoghurt stall

University fees

Youth