Examlex
The division of society into two or more groups, or strata, that are hierarchically ordered is called __________.
Opportunity Cost
Waiving prospective gains from various alternatives by settling on one option.
Foregone Alternative
The option or course of action that is given up when another is chosen; closely related to the concept of opportunity cost.
Opportunity Cost
The charge of rejecting the following prime opportunity in the process of decision-making.
Sunk Costs
Sunk costs are expenditures that have already been incurred and cannot be recovered, and should not affect future investment decisions or operations.
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