Mateer & Coppock (our course textbook).

Please note: Organizations face tradeoffs (opportunity costs) because they have limited budgets. For example, an organization might decide to upgrade its computer hardware and forego other capital improvements, such as repaving its parking lot. If you need ideas for this paper, please consider discussing it with someone at your workplace who makes these decisions. The following bullets include some words that are in blue -- use these words as first-level headings with appropriate capitalization. Your paper should: Include a brief introduction and a conclusion. See the note, Introductions and Conclusions, for more information on introductions and conclusions.

Define the term opportunity cost. If you quote the text, you should also include an example based on your real-world experiences.

Include an opportunity costs table. For more details and to download a copy of the table, please click the Opportunity Cost Table for Unit 1 Report link that is posted in our online classroom.

Discuss the differences between monetary costs (where money changes hands) and opportunity costs (forgone opportunities). Also discuss how these costs are measured/evaluated.

Explain why opportunity cost is an important economic concept and how it affects the decisions we make in our "everyday" lives. Include this explanation in your conclusion. Please note: Your conclusion should also review all the major elements of your report.

Hints: See the following resources: (1) the grading rubric for this report (see link to the rubric in our online classroom), (2) the Unit 1 edition of the TANSTAAFL TRIBUNE, and (3) the text's discussion of opportunity costs in Chapter 1 of Mateer & Coppock (our course textbook).