What is opportunity cost? – Economic Video Series

This short economic video about opportunity cost follows Gary, a broadacre wheat farmer with a dream to see the Kiss farewell tour. Gary’s business is booming, and he’s ambitious about expanding his operation. He’s been contracting out his harvesting each season, but this year he’s hoping to save on that cost. He already has a boom spray and now he’s been approved for a bank loan to purchase his own harvester. Watch below to see Gary’s opportunity cost discussion with his advisor.

 

 

This video is part of a series of economic videos developed as part of the CropPro project. The others in the series are:

Use the CropPro Option$ analysis tool to test and compare likely net income, best option and return on investment outcomes for crop management options.

Acknowledgements

Andrew Zull (Queensland Government, Department of Agriculture and Fisheries)
Chris Carter (AEGIC (formerly Government of Western Australia, Department of Primary Industries and Regional Development))

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