lectur8-page13

lectur8-page13 - certain purpose measured by the benefit...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
OPPORTUNITY COST 2. Opportunity cost : the highest valued alternative that had to be sacrificed for the option that was chosen OR The cost of using scarce resources for a
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: certain purpose, measured by the benefit forgone by not using those resources in their next best alternative use....
View Full Document

This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.

Ask a homework question - tutors are online