Scarcity, choice, and opportunity costs
Key Questions
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An opportunity cost is simply the TOTAL of all the things traded for something. This is a broad concept. Opportunity cost includes more than just the monetary cost (money) of something. It can also include time, and really anything else that has to be given up to get something. For example, the opportunity cost of playing video games is time you could have spent sleeping, or reading your economics text book.
Callum H.
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11
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Dec 17 2014