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Concept
Opportunity Costs
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Summary
Opportunity Cost
is the value of the
Best alternative
forgone when a choice is made. It is a crucial concept in economics that underlines the trade-offs inherent in every decision, impacting personal, business, and
Policy choices
profoundly.
Concepts
Scarcity
Trade-offs
Cost-benefit Analysis
Marginal Analysis
Resource Allocation
Economic Choice
Comparative Advantage
Sunk Cost
Cost Principles
Shutdown Cost
Relevant Degrees
Economic Theory and Concepts 88%
Economic Planning and Policy 13%
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