{"id":73,"date":"2020-03-24T04:51:23","date_gmt":"2020-03-24T04:51:23","guid":{"rendered":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/outcome-the-cost-of-choices\/"},"modified":"2023-05-24T19:31:46","modified_gmt":"2023-05-24T19:31:46","slug":"outcome-the-cost-of-choices","status":"publish","type":"chapter","link":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/outcome-the-cost-of-choices\/","title":{"raw":"Outcome: The Cost of Choices","rendered":"Outcome: The Cost of Choices"},"content":{"raw":"<h2>What you'll learn to do: explain the cost of choices and trade-offs<\/h2>\nIn the previous module we introduced the concepts of&nbsp;scarcity, monetary cost, and opportunity cost. This section focuses on the actual calculation of those&nbsp;costs, which becomes important when you are trying to understand trade-offs in very concrete terms.\n\nThe specific things you\u2019ll learn in this section include the following:\n<ul>\n \t<li>Explain how budget constraints impact&nbsp;choices<\/li>\n \t<li>Calculate the opportunity cost of an action<\/li>\n<\/ul>\n<h3>Learning Activities<\/h3>\nThe learning activities for this section include the following:\n<ul>\n \t<li class=\"chapter type-1\">Reading: Budget Constraints and Choices<\/li>\n \t<li class=\"chapter type-1\">Reading: Calculating Opportunity Cost<\/li>\n<\/ul>","rendered":"<h2>What you&#8217;ll learn to do: explain the cost of choices and trade-offs<\/h2>\n<p>In the previous module we introduced the concepts of&nbsp;scarcity, monetary cost, and opportunity cost. This section focuses on the actual calculation of those&nbsp;costs, which becomes important when you are trying to understand trade-offs in very concrete terms.<\/p>\n<p>The specific things you\u2019ll learn in this section include the following:<\/p>\n<ul>\n<li>Explain how budget constraints impact&nbsp;choices<\/li>\n<li>Calculate the opportunity cost of an action<\/li>\n<\/ul>\n<h3>Learning Activities<\/h3>\n<p>The learning activities for this section include the following:<\/p>\n<ul>\n<li class=\"chapter type-1\">Reading: Budget Constraints and Choices<\/li>\n<li class=\"chapter type-1\">Reading: Calculating Opportunity Cost<\/li>\n<\/ul>\n","protected":false},"author":32,"menu_order":24,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-73","chapter","type-chapter","status-publish","hentry"],"part":25,"_links":{"self":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/73","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/users\/32"}],"version-history":[{"count":1,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/73\/revisions"}],"predecessor-version":[{"id":74,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/73\/revisions\/74"}],"part":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/parts\/25"}],"metadata":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/73\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/media?parent=73"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapter-type?post=73"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/contributor?post=73"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/license?post=73"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}