What Are Opportunity Costs? How Do Explicit and Implicit Costs

question 135

Essay

What are opportunity costs? How do explicit and implicit costs relate to opportunity costs?

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Definitions:

Extreme Behavior

Actions that are significantly outside the norm, often in a manner that is potentially harmful or dangerous to self or others.

Obsessive-Compulsive Disorder

A mental disorder characterized by unwanted repetitive thoughts (obsessions) and/or actions (compulsions).

Excessive Cleansing

A behavior pattern characterized by an overemphasis on cleanliness, sometimes indicative of an underlying anxiety disorder.

Common Compulsion

Repetitive behaviors or mental acts that an individual feels driven to perform in response to an obsession or according to rules that must be applied rigidly.