Econ 101: Trade Offs and Opportunity Costs Explained!

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Life is all about decisions since we have limited time and resources. This leads us to calculate opportunity costs and make trade-offs. Join your favorite amateur economist, Sean Sullivan, for this episode of Economics 101!

#economics #education #economy

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opportunity cost: loss we take to make a gain
trade off: face a choice between 2 or more options and choosing one means giving up others

If you have 100 dollars and MUST choose between buying a new pair of shoes or going out for a fancy dinner
You pick shoes
trade off: cant go to to fancy dinner since you wanted nice shoes
opportunity cost: you miss out on the enjoyment and experience you would've gotten from the dinner

elflonghand
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I have a question 🤔
If we save 7 dollars by going to the market, how does the opportunity cost a loss that we take to make a gain (or i can say what's the loss in here

fatimapervaiz
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We don't have limited time and resources, we just have unlimited desires and uses for the known available resources and since we cannot satisfy all desires at once for they come from time to time we make the trade off in our desires. No one purchases gasoline with the awareness of the ammount of that resource that can be drilled or is available in the ground.

mwineowen