Question

You are considering starting a sandwich shop, but are comparing that to the idea of staying at your current job instead. Which economic principle are you taking into account

Answer 1

The principle of opportunity cost is taken into consideration when considering starting a sandwich shop, but are comparing that to the idea of staying at your current job.

What is opportunity cost?

It is the value or benefit loss when an alternative is selected. The value of the job or product to be dropped will be given up to choose something else.

Therefore, the principle of opportunity cost is taken into consideration when considering starting a sandwich shop, but are comparing that to the idea of staying at your current job because of the benefits that will be forgone in the current Job.

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