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What is the economic term for what you lose when using resources for something else?

Ross Pratt

in Social studies

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Kristi Hammond on June 2, 2018

The economic term for this is "opportunity cost". The opportunity cost is the cost of the options that one is not to choose. This means that if one has to choose between a and B, the opportunity cost is the cost of "give to B" when you choose A.


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