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You don’t have to spend a buck to have a cost

You don’t have to spend a buck to have a cost. Opportunity cost revisited. In economics costs include (if you choose to go to the movies). Out of pocket expenses Referred to as explicit costs (the ticket, popcorn, soda) The value of resources that could have been used elsewhere

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You don’t have to spend a buck to have a cost

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  1. You don’t have to spend a buck to have a cost Opportunity cost revisited

  2. In economics costs include(if you choose to go to the movies) • Out of pocket expenses • Referred to as explicit costs • (the ticket, popcorn, soda) • The value of resources that could have been used elsewhere • Referred to as implicit costs • (Pay you could have earned at a job, study-time)

  3. List two explicit costs and implicit costs for • You decide to Explicit Implicit go to college _________________ _________________ _________________ _________________ _________________ _________________ _________________

  4. List two explicit costs and implicit costs for • You take a Explicit Implicit Job after school _________________ _________________ _________________ _________________ _________________ _________________ _________________

  5. List two explicit costs and implicit costs for • You study for and Explicit Implicit Take an AP exam _________________ _________________ _________________ _________________ _________________ _________________ _________________

  6. List two explicit costs and implicit costs for • A stay-at-home Explicit Implicit Dad returns to work _________________ _________________ _________________ _________________ _________________ _________________ _________________

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