Products that have an opportunity cost 6. She decides to depreciate the washing machine using the straight line method over a period of four years. The economy doesn’t reach its maximum productive capacity, i.e., they are economically inefficient on the PPC. A teenager gets three summer-job offers: a full-time job that pays $15 an hour, a full-time job that pays $10 an hour, and a … If it wants to produce more oranges, it must produce fewer apples.Â. Governments must choose what services to provide out of their limited tax revenues. We offer the Cambridge IGCSE which gives a thorough training in performing, devising, scripted work and theoretical drama.  For Sixth Form, the IB Theatre course is an excellent choice and gives pupils the opportunity to take a coursework based subject which is well balanced in performance, presentations and written work. The sacrifice in production of Good B is called opportunity cost. If you sat for the same subject more than once, you must report the grades earned from each sitting. The module also considers the issues of government assistance to new and growing business organisations. When we choose something over the other, the choice that was given up is called the opportunity cost. Example 1: the government has a certain amount of money and it has two options: to build a school or a hospital, … We appreciate that you have chosen our cheap essay service, and will provide you with high-quality and low-cost custom essays, research papers, term papers, speeches, book reports, and other academic assignments for sale. Welcome to IGCSE-GCSE Economics Section. We provide affordable writing services for students around the world. The expected scrap value of the washing machine at the end of that period is $600. The production possibility curve … IGCSE Economics key terms. 19. You can find the downloadable version at the end of this blog article! For each decision we make, there is an opportunity that we lost out on. This could occur due to the following reasons:Â, Consumers and producers react differently to price changes. will have to be cut down to make way for benefits. Our tutors are trained to teach online effectively.Â, There are other curriculums offered such as the IB, IGCSE and SAT. (c) Calculate the depreciation to be charged in … 2 Activity 1.5 a Value added is the increase in worth a business creates to a good or service as it goes through the production process. You have come to the right place! PLAY. Labour immobility f. Products that do not have an opportunity cost 7. Both of these changes are called movement along the demand or supply curve. Members can avail special discount on tutor bookings. IGCSE/GCSE/GCE exams, Year X/XII Board exams, SPM, etc. price is forgotten.” So all you need for a single subject yearly membership is to sacrifice 3.7-Revenue and costs. Opportunity cost h. Human made resources 9. And honestly, this isn’t expensive if compared with my university course. ... 3.7-Firm's cost-revenue and objectives. According to the dictionary, opportunity cost means the loss of other alternatives when one alternative is chosen. Bridging courses are also offered here.Â. IGCSE Economics Topicwise Past Papers/Study notes/Last Minute Revision Sheets/Solved past papers for the latest curriculum. Over 10,000 schools in 160 countries are teaching the IGCSE syllabus. As can be seen, this market will be in equilibrium at the price of 30p per soft drink. Thank you so much for the glorious class we had. Cambridge IGCSE ®, Cambridge ... What is a possible opportunity cost of working? Experience online learning today! Also known as the ' opportunity cost curve ' as it can be used to show the opportunity cost of producing different products/quantities). Coaching can be booked for any number of topics that you are weak at, with a range of date and time options You may also book special crash courses [ Currently crash coaching is available for groups only]. 1. The opportunity cost of choosing this option is 10% - 0%, or 10%. RATHER, YOU GET TO CHOOSE YOUR SUBJECTS AND BOARDS. Private firms generally base their decisions according to which product will maximise their profit. Choose from 500 different sets of igcse economics flashcards on Quizlet. Developed by Cambridge International Examination (CIE) in 1988, IGCSE is a very popular English language curriculum. The effects of opportunity cost on workers. Opportunity Cost According to the dictionary, opportunity cost means the loss of other alternatives when one alternative is chosen. The content tested for IGCSE economics are as follows:Â, Land refers to all-natural resources which are free gifts of nature.Â, Human efforts done mentally or physically with the aim of earning an income is known as labour.Â, All man-made goods which are used for further production of wealth are included in capital.Â, An entrepreneur is a person who organises the other factors and undertakes the risks and uncertainties involved in the production.Â, According to the dictionary, opportunity cost means the loss of other alternatives when one alternative is chosen.Â, In economics terms, it means the benefits an individual, investor or business misses out on when choosing one alternative over another.Â, The opportunity cost of a resource also refers to the value of the next-highest valued alternative use of that resource.Â, When economists use the word “cost,” they usually mean opportunity cost.Â, Some examples to help you better understand what opportunity cost means.Â, Someone gives up going to see a movie to study for a test in order to get a good grade. In this case, to gain 40 units of Good A, the economy has to … By describing this trade-off, the curve demonstrates the concept of opportunity cost. The opportunity cost is the drink and hot dog.Â, You decide to spend $80 on some great shoes and do not pay your electric bill. On the graph, that would be point E.Â, One possible reason could be a recession or depression when there is not enough demand for either good.Â, Try this quick crossword to check your understanding of the first topic of the IGCSE Economics.Â. The input is any combination of the four factors of production.Â, Each point on the curve shows how much each good will be produced when resources shift from making more of one good and less of the other.Â, **The curve measures the trade-off between producing one good versus another.Â, An economy can produce 20,000 oranges and 120,000 apples. The principal provides leadership, supervisory, and administrative skills that will promote the mission,… Often, money becomes the root cause of decision-making. We adhere to the GDPR and EU laws and we will not share your personal information with or sell it to third-party marketers. Tags added value, adding value, advantages and disadvantages of specialisation, Business Notes, capital goods, consumer goods, consumer services, division of labour, economic problem, factors of production, how to increase added value, IGCSE Business, IGCSE Business Studies Notes, needs and wants, opportunity cost… In other words, opportunity cost represents the benefits that could have been gained by taking a different decision. Price elasticity of supply = % Change in Supply / % Change in Price, There are different types of elasticity of supplyÂ. Equilibrium at the same percentage as the price of resources should guide firms’ methods. 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