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opportunity cost
It is what is sacrificed by making the choice.
Class 11 · Bangla Version · Economics
Scarcity, choice and resource allocation
Explain scarcity, opportunity cost and a production trade-off.
Shared cross-level core and stretch unit. Start with the core questions, then use the stretch example for deeper work. The same unit is available in related class and board pathways; it is not a full grade-specific or examination-specification course. A teacher should select the appropriate depth and further topics.
Learn the idea
Scarcity means available resources cannot meet every possible want at once. A choice has an opportunity cost: the value of the next-best alternative forgone. It is not the sum of all rejected alternatives. A production possibility boundary describes feasible combinations under stated resources and technology.
Worked example
A student has one study hour and chooses maths instead of the next-best option, English. The opportunity cost is the English study forgone. This is not necessarily a money payment.
- State the scarce resource.
- Identify feasible alternatives.
- Compare the next-best alternative, not every possible use.
Stretch example
A bowed-out production boundary represents increasing opportunity cost: resources suited to one activity become less productive when shifted to the other. A straight boundary instead assumes a constant trade-off.
Your written practice
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yes
It is limited and has alternative uses.
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5
100/20 = 5.
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Using it consumes time and other resources with alternative uses.
Distinguish price from resource cost.
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Some resources may be unemployed or used inefficiently.
Keep the statement conditional on the model.
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2
6/3 = 2.
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Moving along reallocates existing capacity; shifting changes capacity through resources or technology.
State the different causes.
Choice diagram
Draw a fictional production boundary and explain two choices.
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- Label both outputs.
- Identify the forgone alternative.
- State assumptions about capacity.
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