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Discussing the Concept of 'Opportunity Costs'

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Please discuss the following concept using at least two examples: Explain the meaning of 'opportunity costs'.

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In about 145 words, the term 'opportunity cost' is defined and conceptualized using financial based examples. This response is clear and concise, presenting some good initial ideas on this subject material.

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Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone. Opportunity cost analysis is an important part of decision-making processes, but is not ...

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