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  • Basic Concepts in Economics

Opportunity Cost

Opportunity cost is the value of the next best alternative that is given up when making a choice. For example, if someone chooses to go on vacation instead of taking a summer job, the opportunity cost is the value of the forgone job. If that job was boring and low-paying, the opportunity cost of the vacation would be considered low.

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Gemini AI
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University of Oklahoma
University of Oklahoma
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Social Science

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Economics

Economy

Introduction to Microeconomics Course

CORE Econ

Ch.2 Technology and incentives - The Economy 2.0 Microeconomics @ CORE Econ

Ch.3 Doing the best you can: Scarcity, wellbeing, and working hours - The Economy 2.0 Microeconomics @ CORE Econ

The Economy 2.0 Microeconomics @ CORE Econ

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