Examlex
Which of the following phrases is an illustration of behavioral variation in young children's addition strategies?
Opportunity Cost
The real cost of an item: what you must give up in order to get it.
Explicit Cost
Direct, out-of-pocket payments for expenses incurred in business operations, such as wages, rent, and materials.
Monetary Cost
The amount of money that must be paid or spent to acquire goods, services, or assets.
Implicit Cost
The opportunity costs that arise from using assets, resources, or funds in specific ways rather than the next best alternative.
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