frankie has a strict weekly budget and has only enough money this week to make one large purchase. before he…

frankie has a strict weekly budget and has only enough money this week to make one large purchase. before he saw the condition of his old basketball shoes, he was planning to purchase a new winter coat that he saved for over several weeks. now, frankie must choose if he is going to purchase the new shoes and wear his older winter coat, or vice versa. in this scenario, frankie must consider whether making one choice will force him to give up another. based on what you have read, which economic concept is frankie faced with? needs vs. wants opportunity cost risk and return goal setting

frankie has a strict weekly budget and has only enough money this week to make one large purchase. before he saw the condition of his old basketball shoes, he was planning to purchase a new winter coat that he saved for over several weeks. now, frankie must choose if he is going to purchase the new shoes and wear his older winter coat, or vice versa. in this scenario, frankie must consider whether making one choice will force him to give up another. based on what you have read, which economic concept is frankie faced with? needs vs. wants opportunity cost risk and return goal setting

Answer

Brief Explanations:

Opportunity cost is the value of the next - best alternative forgone. Frankie has to choose between new shoes and a new winter coat due to budget constraints, and giving up one for the other represents opportunity cost.

Answer:

B. opportunity cost