Practice Opportunity Cost: The Value of What's Given Up - 3.1.3 | Understanding Societies: Economic and Social Systems | IB MYP Grade 9 Individual and Societies
K12 Students

Academics

AI-Powered learning for Grades 8–12, aligned with major Indian and international curricula.

Academics

Grades

Grade 8 Grade 9 Grade 10 Grade 11 Grade 12

Curriculum

CBSE ICSE IB
Professionals

Professional Courses

Industry-relevant training in Business, Technology, and Design to help professionals and graduates upskill for real-world careers.

Professional Courses
Games

Interactive Games

Fun, engaging games to boost memory, math fluency, typing speed, and English skills—perfect for learners of all ages.

games
Typing
Memory
Math
English Adventures
Knowledge

3.1.3 - Opportunity Cost: The Value of What's Given Up

Enroll to start learning

You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take mock test.

Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is an opportunity cost?

💡 Hint: Think about what you give up when making a choice.

Question 2

Easy

Provide an example of an explicit cost.

💡 Hint: Consider a direct payment made for a service or good.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What does 'opportunity cost' refer to?

  • A) The cost of all alternatives
  • B) The value of the best alternative foregone
  • C) The cost of production
  • D) The total money spent

💡 Hint: Think of what you lose when you make a choice.

Question 2

True or False: An implicit cost can be easily quantified.

  • True
  • False

💡 Hint: Consider if all costs are measurable.

Solve and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

You have $100 to spend on either a concert or a new video game. If you choose the concert, what is your opportunity cost if the video game costs $50? Discuss aspects beyond mere monetary value.

💡 Hint: Consider non-financial emotions and satisfaction in your analysis.

Question 2

A company has to choose between two projects: Project A, with expected profits of $150,000, or Project B, with expected profits of $100,000. If they choose Project A, what is the opportunity cost? How might other factors influence this decision?

💡 Hint: Think about not just the numbers but also the context surrounding each project.

Challenge and get performance evaluation