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Listen to an Announcement Test #080
Listen to an Announcement
1. What is the professor mainly discussing?
A) The benefits of part-time work
B) A basic economic principle
C) A difficult exam question
D) A government policy
2. What does the example of studying illustrate?
A) How to manage time effectively
B) A way to earn extra money
C) The definition of a trade-off
D) The importance of education
Professor: In economics, every choice involves a trade-off. This leads us to a fundamental concept called 'opportunity cost.' Simply put, the opportunity cost 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, you cannot spend those same two hours working at a part-time job. The wages you could have earned during that time are the opportunity cost of studying. Understanding this helps us analyze many decisions.
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