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1.3.1 Opportunity cost

Topic 1.3.1 - Opportunity cost "Economics brings into view that conflict of choice which is one of the permanent characteristics of human existence."- Lionel Robbins, The Economics Book: Big Ideas Simply Explained (p.133) In 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...

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