Sunk Cost Review

Flashcard
•
English
•
11th Grade
•
Hard
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What is a sunk cost?
Back
A sunk cost is a cost that has already been incurred and cannot be recovered. It should not influence future decisions.
2.
FLASHCARD QUESTION
Front
How should a company view its initial investment in a failing product?
Back
The initial investment should be viewed as a sunk cost, and the company should evaluate the potential of further investment based on future benefits, not past costs.
3.
FLASHCARD QUESTION
Front
Why should sunk costs not influence future decisions?
Back
Sunk costs are irrecoverable and focusing on them can lead to poor decision-making, as they do not reflect the current or future value of options.
4.
FLASHCARD QUESTION
Front
What should a person consider when deciding whether to attend a concert after buying a non-refundable ticket?
Back
They should consider the ticket price as a sunk cost and focus on the opportunity cost of the potential earnings from working overtime.
5.
FLASHCARD QUESTION
Front
How can a student apply the concept of sunk costs to their education?
Back
A student should view time spent on a failed course as a sunk cost and focus on improving their performance in future courses.
6.
FLASHCARD QUESTION
Front
What is the opportunity cost in the context of sunk costs?
Back
Opportunity cost is the potential benefit lost when choosing one option over another, which should be prioritized over sunk costs.
7.
FLASHCARD QUESTION
Front
What is an example of a sunk cost in business?
Back
An example is a company spending money on research and development for a product that is ultimately not feasible.
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