Quiz: Opportunity Cost in Business Decisions
AQA GCSE Business 8132
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Welcome! You've already learned about why businesses exist, goods vs services, and spotting opportunities. Now let's explore how 'opportunity cost' affects business decisions.
What is the definition of opportunity cost?
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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 given up 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 spend. If it chooses to advertise instead of upgrading its factory, what is the opportunity cost?
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A business spends £5,000 on marketing instead of buying 100 new tools costing £50 each. Calculate the opportunity cost in terms of tools.
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Match the items on the left with their correct pairs on the right
Which statement best shows opportunity cost in action?
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Which factors influence opportunity cost in business decisions? (Select all that apply)
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