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A Popular Video Program Used to Teach Economics to Primary

question 172

Essay

A popular video program used to teach economics to primary school children defines opportunity cost as "what you give up to get something." In light of your understanding of opportunity cost, how would you modify this definition?


Definitions:

Lifetime Learning Credit

A tax credit available to students to offset the costs of tuition, fees, and other education expenses at eligible educational institutions.

Child And Dependent Care Expenses Credit

A tax credit available to taxpayers who pay for childcare or dependent care while they work or look for work.

Dependent Children

Children who are financially supported by a parent or guardian and meet specific criteria, qualifying the parent to receive tax benefits; a reiteration with emphasis on the criteria aspect.

Qualified Day Care Center

A child care facility that meets specific criteria set by the IRS to be eligible for certain tax benefits.

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