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Katie Foster
Social Studies
29 January, 03:38
How does "cost" differ from "opportunity cost"?
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Cynthia Chung
29 January, 04:00
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Opportunity cost concept is very important to the view of costs of economists. It is defined as the worth or value of a forgone activity or alternative when another item is chosen. It is a relative cost of one alternative in terms of the next best alternative. It is a vital economic concept which finds application a wide range of business decisions. Decision - making is usually overlooked by opportunity cost. Opportunity costs should often subjectively estimated by decision-makers.
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