Cryptocurrency Q&A
Is opportunity cost what you give up?
Is opportunity cost what you give up?
Federico
Tue Jan 21 2025
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6
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I'm trying to understand opportunity cost. Is it simply what you have to give up when making a choice? Like, if I choose to go to the movies, the opportunity cost would be whatever else I could have done with that time, like reading a book or going for a run?
6 answers
Caterina
Thu Jan 23 2025
Opportunity cost represents the sacrifices made when acquiring a desired good or service.
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Raffaele
Thu Jan 23 2025
It reflects the value of the alternatives foregone in the process of making a purchase.
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Martino
Wed Jan 22 2025
In economic terms, the concept of cost primarily refers to this opportunity cost.
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HallyuHeroLegend
Wed Jan 22 2025
Economists frequently emphasize the importance of considering opportunity cost when making decisions.
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Silvia
Wed Jan 22 2025
While the term "cost" is frequently utilized in casual conversations and news reports, its economic definition differs.
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