Opportunity Cost and Tradeoffs
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YouTubeMarginal Revolution University
Opportunity Cost and Tradeoffs
Opportunity cost and tradeoffs are two fundamental concepts from economics and they are all around us. Tyler Cowen shares the definition of opportunity cost: the value of your next best alternative. Time, space, or resources used to achieve one goal can’t (usually) be used simultaneously to achieve another. A few examples of opportunity costs ...
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Opportunity cost Definition
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