Define the term opportunity cost

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• Define the term "opportunity cost" and include an example based on your real-world experiences.

• Discuss the differences between monetary costs (where money changes hands) and opportunity costs (forgone opportunities). Also discuss how these costs are measured/evaluated.

• Explain why opportunity cost is an important economic concept and how it affects the decisions we make in our "everyday" lives. Include this explanation in your conclusion. Please note: Your conclusion should also review all the major elements of your report.

Reference no: EM131244484

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