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1.2.3 Opportunity cost
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The cost of choosing

The cost of choosing

A shopper chooses shoes, making trousers the next best alternative given up while a wallet is a lower-ranked option

Scarcity means that money, time and resources cannot satisfy every possible want. Choosing one use prevents the same scarce resource from being used elsewhere.

1.2.3 Opportunity cost Lesson

  1. GCSE
  2. /Economics
  3. /1.2.3 Opportunity cost

Step-by-step lessons on OCR GCSE Economics 1.2.3 Opportunity cost. Each one builds up to exam-style questions. Build a solid grasp of supply and demand and cost/revenue calculations before tackling the evaluation-heavy policy topics.

Lessons