{"id":8660,"date":"2018-05-29T19:56:28","date_gmt":"2018-05-29T19:56:28","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/introduction-to-the-cost-of-choices\/"},"modified":"2024-04-25T19:23:25","modified_gmt":"2024-04-25T19:23:25","slug":"introduction-to-the-cost-of-choices","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/introduction-to-the-cost-of-choices\/","title":{"raw":"Introduction to the Cost of Choices","rendered":"Introduction to the Cost of Choices"},"content":{"raw":"<h2>What you'll learn to do: explain the cost of choices and trade-offs<\/h2>\r\n<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2017\/07\/01210326\/raphael-schaller-183040.jpg\"><img class=\"aligncenter wp-image-6149\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/05\/29195627\/raphael-schaller-183040-300x168.jpg\" alt=\"Decorative image.\" width=\"587\" height=\"329\" \/><\/a>\r\n\r\nIn the previous module we introduced the concepts of\u00a0scarcity, monetary cost, and opportunity cost. This section focuses on the calculation of opportunity costs, or the cost of choosing one thing over another. For example, what alternatives do you give up by choosing to take a new job, or to go out with friends on the weekend? This section will help to understand the consequences of these trade-offs in more concrete terms.","rendered":"<h2>What you&#8217;ll learn to do: explain the cost of choices and trade-offs<\/h2>\n<p><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2017\/07\/01210326\/raphael-schaller-183040.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6149\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/05\/29195627\/raphael-schaller-183040-300x168.jpg\" alt=\"Decorative image.\" width=\"587\" height=\"329\" \/><\/a><\/p>\n<p>In the previous module we introduced the concepts of\u00a0scarcity, monetary cost, and opportunity cost. This section focuses on the calculation of opportunity costs, or the cost of choosing one thing over another. For example, what alternatives do you give up by choosing to take a new job, or to go out with friends on the weekend? This section will help to understand the consequences of these trade-offs in more concrete terms.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-8660\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>The Cost of Choices. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Picture. <strong>Authored by<\/strong>: Photo by Raphael Schaller . <strong>Provided by<\/strong>: Unsplash. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/unsplash.com\/search\/photos\/choices\">https:\/\/unsplash.com\/search\/photos\/choices<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/cc0\">CC0: No Rights Reserved<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":29,"menu_order":2,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"The Cost of Choices\",\"author\":\"\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Picture\",\"author\":\"Photo by Raphael Schaller \",\"organization\":\"Unsplash\",\"url\":\"https:\/\/unsplash.com\/search\/photos\/choices\",\"project\":\"\",\"license\":\"cc0\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"7393f3cd-aa13-49f6-bc3f-129d3097cc61","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-8660","chapter","type-chapter","status-publish","hentry"],"part":8656,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/8660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/users\/29"}],"version-history":[{"count":2,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/8660\/revisions"}],"predecessor-version":[{"id":10070,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/8660\/revisions\/10070"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/parts\/8656"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/8660\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/media?parent=8660"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=8660"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/contributor?post=8660"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/license?post=8660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}