Question

How is the concept of opportunity cost applicable in our daily life ?

Answer 1

Opportunity Costs Definition. In economics, opportunity costs refer to the value of the next-best alternative use of that resource given limited resources. They are applicable beyond finance and accounting. In daily life, opportunity costs are the benefits or pleasures foregone by choosing one alternative over another.

Answer 2

Helo mate here your ans

Opportunity Costs Apply to All Your Choices—Big and Small. Opportunity cost is a concept of great magnitude.

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