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Last Updated Sep 26, 2025
Business Choices Simplified Revision Notes for A-Level OCR Business
Revision notes with simplified explanations to understand Business Choices quickly and effectively.
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1.5.5 Business Choices
Trade-off
Giving up something in return for getting something else
Opportunity cost
What you had to give up to buy what you want (in terms of goods and services)
đź“ť Example:
Spending money on a holiday means sacrificing the possibility (opportunity cost) of saving that money for something else. The trade-off is giving up that money for a holiday or saving it for something else.
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