Opportunity cost
Opportunity cost is defined by Case and Fair as (1999, pg. 03) “that which we give up, or forgo, when we make a choice or a decision.” The article states that “opportunity cost measures the cost of any economic choice in terms of the next best alternative forgone.” It is important to note that this definition refers to the best alternative forgone, not the top three alternatives or top five. Opportunity cost is solely
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Approximate Word count = 288
Approximate Pages = 1 (250 words per page double spaced)
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