Question

Explain the term opportunity cost and discuss why an increase in spending on police and armed forces
may result in an opportunity cost.
(4),Q5a/J/09​

Answer 1

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Today SIPRI estimated that global military expenditure in 2015 was $1676 billion, about 2.3% of the world's total Gross Domestic Product (GDP).

Such high levels of spending frequently raise concerns as to the 'opportunity cost' involved in military spending—the potential civilian uses of such resources that are los