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Listen to an Announcement Test #056
Listen to an Announcement
1. What is the main purpose of the talk?
A) To compare different economic theories
B) To announce a change in the syllabus
C) To define a key economic principle
D) To give an example of a bad decision
2. What does the concept of opportunity cost represent?
A) The total price of a good or service
B) The time it takes to make a choice
C) The value of a foregone alternative
D) The best possible use of one's money
Professor: Today, we're going to introduce a foundational concept in economics: opportunity cost. Simply put, opportunity cost is the value of the next-best alternative that you give up when you make a choice. For example, if you decide to spend two hours studying for an exam, the opportunity cost might be the movie you chose not to watch or the nap you didn't take. Every decision has an opportunity cost, because resources like time and money are always limited. Understanding this helps explain how individuals and societies make choices.
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