Quiz: Opportunity Cost in Business Decisions
AQA GCSE Business 8132
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Building on what you've learned about why businesses exist and their activities, let's explore the concept of opportunity cost in business decisions!
What does 'opportunity cost' mean in business?
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Which of the following are examples of opportunity cost? (Select all that apply)
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Opportunity cost is the value of the {{blank0}} best alternative that is {{blank1}} when making a decision.
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Match the items on the left with their correct pairs on the right
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A business has £10,000 to invest. They choose to buy new machinery rather than spend £8,000 on hiring staff. What is the opportunity cost?
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Why is opportunity cost important in business decisions?
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Which factors might influence opportunity cost in a business decision? (Select all that apply)
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Match the items on the left with their correct pairs on the right
When choosing between two options, the {{blank0}} cost is the value of the {{blank1}} best alternative.
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