Out of Pocket
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How can out-of-pocket costs and opportunity costs be applied to a person's personal financial decisions?
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Solution Summary
Out of pocket cost and opportunity Costs are discussed for a person`s personal financial decision.
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How can out-of-pocket costs and opportunity costs be applied to your personal financial decisions?
The opportunity cost or alternative costs are the returns from the second best use of the organization's resources or here in this case the individual's capability.
For example a farmer who is producing wheat can also produce potatoes with the same factors.
Therefore the ...
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