1) What is meant by the term ‘opportunity cost’? What mistakes might we make if

1) What is meant by the term ‘opportunity cost’? What mistakes might we make if we do not properly account for opportunity costs in our own decision making? Illustrate with examples. (375 words) use diagrams and graphs
2) Use indifference curves and budget constraints to analyse why a standard individual demand curve is downward sloping. (375 words) use diagrams and graphs