1.3 Opportunity cost
Topic 1.3 - Opportunity cost "The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it."- Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (1776) Opportunity cost is the cost of the next best opportunity foregone when making a decision. This section of the Cambridge IGCSE Economics syllabus covers the following...