Opportunity Cost And The Free Market

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Issue:

Business

 

Written by:

Gary B

 

Date added:

November 28, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

7 / 1752

 

Was viewed:

7773 times

 

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Essay content:

This, therefore, leads to us opportunity cost. Usually when one has to make a decision over what to do, buy, or build, it is narrowed down to two things. We might choose what satisfies our desires, what is more economical, or what is needed more. The choice that we do not take is our opportunity cost, the choice that we value less...
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The choice that we do not take is our opportunity cost, the choice that we value less. Scarcity, choice, and opportunity cost are all related and interlaced with one another. If resources were unlimited we would never have to choose what is more important to have because we would have it all. A good example of applying scarcity would be with time...
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