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Opportunity Cost

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  • Post Date 2018-11-08T09:52:52+00:00
  • Post Category New Samples

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Opportunity Cost

Opportunity Cost

INSTRUCTIONS:

Every time we have to make a choice we are faced with an opportunity cost. Using an example in your professional life, identify a situation where you were presented with a choice, the opportunity cost of the choice you made, and the process you used to make your choice. As part of your discussion explain whether or not responsible stewardship played a role in your choice. Use some of the appropriate economic concepts and terminology attached that are applicable to your answer.

CONTENT:

Opportunity Cost Name Institution Opportunity Cost Introduction When it comes to making personal decisions about one’s finances, it is important to economically analyze the situation using opportunity cost principle. The principle requires us to choose between two of the available options then make a decision by analyzing the comparative advantage over of my choice compared to the other options presented. With the tough economic times, individual’s incomes are overstretched; therefore opportunity cost is appropriate; it provides specific knowledge about the varied

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