Question

Joe sold gold coins for $1,000 that he bought a year ago for $1,000. He says, "at least i didn't lose any money on my financial investment." his economist friend points out that in effect he did lose money because he could have received a 3% percent return on the $1,000 if he had bought a bank certificate of deposit instead of the coins. The economist's analysis in this case incorporates the idea of

Answer 1

Answer:

(Opportunity costs)

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