Opportunity Cost

What is the cost of a decision? Opportunity Cost-the value of what you must give up when you make a particular decision What does it mean all costs are opportunity costs? LaBron, what was his OC by leaving Cleveland? Come up with a scenario that shows an opportunity cost in your daily life

Microecomics-how individuals make decisions and how these decisions interact Macroeconomics-overall ups and down of the economy Micro Question-Should I go to college or get a job after high school? Macro Question-how many people are employed in the economy as a whole this year?

Positive Economics-questions that have definite right and wrong answers Normative Economics-analysis saying how the world should work Economic Advisor to governor in state, change toll amount charged 1) how much revenue will the tolls yield next year? 2) how much would that revenue increase if the toll were raised from $1 to $1.50 3) should the toll be raised, bearing in mind that a toll increase would likely reduce traffic and air pollution near the road but impose some financial hardship on frequent commuters?