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Ch 2: Holt McDougal Economics Chapter 1.2: Economic Choice Today - Opportunity Cost

About This Chapter

The Economic Choice Today - Opportunity Cost chapter of this Holt McDougal Economics Companion Course helps students learn the essential lessons associated with opportunity cost. Each of these simple and fun video lessons is about five minutes long and is sequenced to align with the Economic Choice Today - Opportunity Cost textbook chapter.

How It Works:

  • Identify the lessons in the Holt McDougal Economic Choice Today - Opportunity Cost chapter with which you need help.
  • Find the corresponding video lessons with this companion course chapter.
  • Watch fun videos that cover opportunity cost topics you need to learn or review.
  • Complete the quizzes to test your understanding.
  • If you need additional help, rewatch the videos until you've mastered the material or submit a question for one of our instructors.

Students will learn:

  • The definition and formula for opportunity cost
  • What the basic economic problem is
  • Cost-benefit analysis principles
  • Marginal costs
  • Trade-offs
  • Decision-making levels
  • What utility refers to

Holt McDougal is a registered trademark of Houghton Mifflin Harcourt, which is not affiliated with Study.com.

8 Lessons in Chapter 2: Holt McDougal Economics Chapter 1.2: Economic Choice Today - Opportunity Cost
Test your knowledge with a 30-question chapter practice test
Economic Scarcity and the Function of Choice

1. Economic Scarcity and the Function of Choice

Discover the foundation of the social science of economics as we explore the basic economic problem of scarce resources and unlimited wants using key definitions that create a framework for understanding everyday behavior in a nation.

Utility Maximization: Budget Constraints & Consumer Choice

2. Utility Maximization: Budget Constraints & Consumer Choice

Do you spend your money rationally, or just throw it up in the air? This lesson explains the processes that consumers go through to spend their money and why for some people throwing money in the air with abandon works best.

Extensive Decision Making: Definition & Examples

3. Extensive Decision Making: Definition & Examples

There are different levels of thought that go into a consumer's purchase decision. Sometimes a purchase decision can be made very quickly and easily - for example, what type of milk to buy at the grocery store. Other times the decision making process requires a little more thought and research. This article discusses Extensive Decision Making, which is the detailed process of seeking information and evaluating purchase alternatives in order to make a purchase decision.

Opportunity Cost: Definition & Real World Examples

4. Opportunity Cost: Definition & Real World Examples

Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Opportunity cost is a simple yet powerful principle that reveals how to make the best economic decisions possible, and it explains why people make the choices they do.

How to Calculate Opportunity Cost

5. How to Calculate Opportunity Cost

Learn the formula that reveals the economic value in any major choice between two possibilities. Every choice involves tradeoffs, and opportunity cost shows you how to measure these tradeoffs.

Trade-Offs in Economics: Definition & Examples

6. Trade-Offs in Economics: Definition & Examples

Learn about trade-offs in economics and why they are important to understand when making good decisions about your time, money and energy. Read about some trade-offs that you make every day, whether you realize it or not.

Understanding & Using Cost-Benefit Analysis

7. Understanding & Using Cost-Benefit Analysis

This lesson will introduce the concepts, advantages, and disadvantages of cost-benefit analysis. Although the cost-benefit analysis is an excellent tool, we shall see that not all costs and benefits can easily be assigned monetary values.

Marginal Cost: Definition, Equation & Formula

8. Marginal Cost: Definition, Equation & Formula

Marginal cost is an important concept in business. In this lesson, you'll learn what marginal costs are and their standard formula with some illustrative examples. A short quiz follows the lesson.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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Other Chapters

Other chapters within the Holt McDougal Economics - Concepts and Choices: Online Textbook Help course

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