Jack’s student-turned-sidekick, Andy, is going to night school to learn how to open his own business, but the pessimistic Miss Information is getting in the way and killing Andy’s buzz. Does Jack have the solution? Listen and learn, mortals.
After completing this module, you will be able to:
- determine the higher and lower opportunity costs when comparing what two different parties give up when completing the same task.
- determine opportunity cost when given the amount of time it takes an individual to complete two separate tasks.
- determine the most efficient method to complete work, based on the concepts of comparative advantage and opportunity cost.
- identify the relationship between opportunity cost and comparative advantage.