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Listen to an Academic Talk Test #070
Listen to an Academic Talk
1. What is the main subject of the talk?
A) A concept related to making economic choices
B) Different ways of earning and saving money
C) The relationship between price and demand
D) How businesses decide what to produce
2. According to the professor, how is opportunity cost defined?
A) The total monetary price of a decision
B) The value of the best forgone alternative
C) The time it takes to make a choice
D) The difficulty of predicting the future
3. What does the professor imply about resources like time and money?
A) They are more available to businesses.
B) They should always be spent quickly.
C) They are limited for everyone.
D) They are less important than experience.
4. Why does the professor mention going to a movie?
A) To recommend an enjoyable activity
B) To illustrate the concept of opportunity cost
C) To criticize how students spend their time
D) To explain how movie ticket prices are set
Professor: In economics, we assume that resources are scarce, which means we constantly have to make choices. A fundamental concept for understanding these choices is opportunity cost. Simply put, the opportunity cost of a decision is the value of the next-best alternative that you had to give up. It's the 'what if' you sacrificed. For example, imagine you have a free evening. You can either work for two hours and earn $30, or you can go to a movie with friends. If you choose the movie, the opportunity cost isn't just the price of the ticket; it also includes the $30 you could have earned. It's the forgone benefit. Understanding opportunity cost is crucial because it forces us to see the full cost of our decisions, not just the monetary price.
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