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Opportunity cost
Whats the best way to explain to someone what an opportunity cost is ?
Any examples?
Ta ta x
DEFINITION: An accounting/economics term referring to the value of something given up to pursue something else.
EXAMPLE; this could be going to the movies. The cost of going to the movie is £5.00 or whatever the charges, + all the extras you purchase. The opportunity cost would be something else you could have done with that time, such as studying. etc
I hope that helped you. if not I could try and explain and give more examples, just funmail me. take care xx
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