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:

Sympathetic Nervous System

A part of the autonomic nervous system that serves to accelerate the heart rate, constrict blood vessels, and raise blood pressure, commonly activated in response to stress or fear.

Parasympathetic Nervous System

A division of the autonomic nervous system responsible for conserving energy and promoting a state of calmness and rest.

Acetylcholine

A neurotransmitter in both the central and peripheral nervous systems that plays an important role in muscle activation, memory, and learning.

Norepinephrine

A neurotransmitter and hormone involved in the body's fight or flight response, affecting heart rate, blood pressure, and blood glucose levels.