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1.3.1 Definition of opportunity cost

Unit 1.3.1 - Definition of opportunity costIn this section of the Cambridge IGCSE Economics (0455) syllabus, students need to be able to define opportunity cost and provide examples of opportunity cost in different contexts.Due to the basic economic problem of scarcity of resources and unlimited wants, sacrifices have to be made when making decision. Opportunity cost can be defined as the cost of the next best opportunity...

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