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All resources are limited. It is this simple fact--scarcity--that forces us to make decisions. When we do make a choice, we pass up some other opportunity. Opportunity cost is defined as the next best alternative not chosen, or the alternative given up, when we make a decision. There are opportunity costs in making decisions about which movie you'd like to see at a certain time, how to spend your allowance, or deciding how to dress for Halloween.
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