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Phoebe Gaines
Social Studies
21 October, 14:33
What does opportunity cost mean?
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Macie Stephenson
21 October, 14:49
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Opportunity cost is a concept in economics and it refers to the cost of something that has to be given up to enjoy something better. This can be for example the benefits of second best alternatives (when the first best is chosen) or alternative use of something, which is not decided on (the cost of not using land for farming and using it for building a house instead).
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