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Opportunity Cost

Opportunity Cost

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Published by: api-3745851 on Dec 01, 2009
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03/18/2014

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Emilio Porta Pallais
eporta@worldbank.org
The Opportunity
Cost
The Economic Problem
sScarcity: limited resources to meet infinite
needs
xIf we could satisfy all of our needs, there
would be no need for economics
xIn paradise, there are no economists\u2026
sWe have to choose between alternatives
because of scarcity of resources: we can\u2019t
have everything we want.
sThe opportunity cost of an item is the value
of the best alternative that we sacrifice when
we obtain the item.
Examples:

sThe opportunity cost of a chocolate
sThe opportunity cost of being here
sThe opportunity cost of building a

hospital or a school.
The Economic Problem

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