Cryptocurrency Q&A
What does opportunity cost mean?
What does opportunity cost mean?
Fri Jan 10 2025
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5 answers
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I'm trying to understand the concept of opportunity cost. I want to know what it means and how it applies in real-world situations.
5 answers
Sun Jan 12 2025
Opportunity cost refers to the concept of losing potential gains from other alternatives when a specific choice is made.
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Sun Jan 12 2025
In the field of economics, opportunity cost plays a crucial role in understanding the relationship between scarcity and choice.
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Sat Jan 11 2025
Scarcity implies that resources are limited, and hence, every choice made comes with a cost in terms of foregone opportunities.
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Sat Jan 11 2025
Opportunity cost encompasses both explicit and implicit costs associated with a decision. Explicit costs are those that can be easily measured and quantified.
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Sat Jan 11 2025
Implicit costs, on the other hand, are those that are not readily measurable but still impact the overall cost of a decision. These include things like time, effort, and forgone opportunities.
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