D

AN F H
E
C ST S O G
O I S F U
H C O L
E O L
O
, C Y I P E
S
R
C
T Y I T C P L I
I
C TU N I N C
I F A
A R R P R I N
A
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S PP O 0 :
S P R
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N O C P
O N – IC S :
C O Y
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E IT NO ED L
N O R L
U C A E
P
E E PB
PR AM
SCARCITY
CHOICE
OPPORTUNITY COST
OPPORTUNITY COST
SCARCITY, CHOICE AND OPPORTUNITY COST

• In making a choice in the presence of scarcity consumers

consider the opportunity cost

• Will only take an action if the benefit exceeds the cost

OPPORTUNITY COST