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:

Permanent

Having the quality of lasting indefinitely without change or decay.

Research

systematic investigation and study of materials and sources to establish facts and reach new conclusions.

Adolescence

The transitional stage from childhood to adulthood that includes physical, psychological, and social changes.

U.S. Population

Refers to the total number of people living in the United States of America.