Think about major purchases you have made in the past. Now that you know about opportunity cost, would that knowledge have affected your decision to make any past purchases? […]
Opportunity Cost
Opportunity cost
Over several decades, some industries, such as textile and clothing, which were once a significant part of the U.S. economy, have shifted manufacturing abroad. Using […]
Opportunity Cost
Every decision has an Opportunity Cost due to the nature of scarcity, there is always a better alternative not chosen, therefore, there is always an opportunity cost. “The opportunity […]
Opportunity Cost
I’m working on a micro economics practice test / quiz and need an explanation to help me understand better. I make $20000 a year as a clerk. I decide to […]