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Announcements and Academic Talks Test #009
Announcements and Academic Talks
1. What is the professor's main topic?
A) How to manage time effectively
B) The definition of an economic concept
C) A comparison of study techniques
D) The best way to earn money
2. What is an example of an opportunity cost?
A) The money spent on textbooks
B) The knowledge gained from studying
C) The salary lost by not working
D) The effort required for an exam
Professor: In economics, every choice has a cost. But we're not just talking about money. Today's key concept is 'opportunity cost'. This is the value of the next-best alternative that you give up when you make a decision. For example, if you decide to spend two hours studying for an exam, the opportunity cost is whatever else you would have done with that time—maybe working and earning money. Understanding this concept is fundamental to analyzing decision-making.
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