Opportunity Cost
Media Type: Office Hours Topic: Opportunity Cost
- Dig This?
-
Like it? Share it!
Tweet
Opportunity cost is one of the big ideas in economics. This Office Hours video helps you understand the concept of opportunity cost using a real-world example of the costs associated with taking a train vs. a plane to Chicago. The train costs less from a monetary standpoint, but takes a lot more time. The plane takes less time, but costs more for a ticket purchase.
- Your Thoughts
- Was this helpful to you? (14 votes)
- Tags
- Related Content
-
-
- Drinking From the Carton
- efficiency, opportunity cost
-
- Absolute vs. Comparative Advantage
- opportunity cost, goods, exchange, absolute advantage, co...
-
- I'll Take Love Over Money
- opportunity cost
-
Ask Dirk Now!
Students, got an econ question?
- Who's Dirk?
- More on the man, himself. Meet Dirk
- Econ Media Library
- Check out multimedia tools, videos and more in our Media Library
What People are saying...