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Opportunity Cost - Coggle Diagram
Opportunity Cost
Benefits an individual, investor or business misses out on when choosing one alternative or another.
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Personal finance, business, education
Time management, Investments, Career Choices
Scarcity, Preferences, Information
Production Possibility Frontier (PPF), Comparative Advantage
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Perceived value, Regret and FOMO (Fear Of Missing Out)
Government spending, Environmental Policies
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Common misunderstanding: Ignoring opportunity cost, overestimating or underestimating costs
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