Opportunity cost economics

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Scarcity & opportunity cost

"Opportunity cost is the understanding that for every new opportunity that we accept, such as losing weight, there is another opportunity that we must let go of, such as eating junk food. Here’s an example to illustrate the point:..."

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The concept of opportunity cost occupies an important place in economic theory. Wieser first developed the concept.

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Opportunity Cost: the cost of choosing one opportunity or investment over another

The barter system facilitated exchange of goods and services before the advent of the monetary system. Let us take a closer look at the history of this age-old system.