What is the term that we use to describe the next best choice given up when a economic decision is made?

Sam has to make a choice between playing in his soccer game and studying for a big test. He chooses the soccer game. What is his opportunity cost?

Your parents gave you four quarters for lunch money. If you had the choice between a hamburger for $1.49 or a hotdog for $0.99, what would help with your economic decision?

All economic choices require us to ____________.

If Lauren had to choose between tacos and pizza, she would choose tacos. What is her opportunity cost?

Carrie had to choose which activity she would rather do: run or swim. Swimming was her opportunity cost. What did Carrie choose to do?

When you get home from school, your mom tells you that you have 30 minutes until you need to start your homework. You can either play a video game or play outside. Why can't you do both?