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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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    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 ...

    Solution Summary

    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.