Question

1. Describe some of the potential opportunity costs:

Answer 1

Ans) Opportunity cost is the cost of next best alternative. It is a cost of forgone opportunities.

A) The subsidy given to airline could have been used to subsidise agricultural products to helps farmers and strengthen food security in the country.

Or it could have been alternatively used to upgrade the infrastructure and machines in government hospitals.

Or it could have been used to upgrade education system.

2) They money used for upgrading to a balcony room could have been used for going to fine dinner.

Or could have been used to buy an expensive dress or any other item of choice.

Or it could have been used to try scuba diving.

3) The time spent on watching games of throne could have been utilised to study.

Or to clean your dirty room.

Or to watch any other series of your choice.

Or