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Eoe: 3.3.A - Opportunity Cost

Professor Mario Villarreal-Diaz explains that scarcity is inherently a part of human life, and how this necessarily implies a world of tradeoffs. In such a world, the pursuit of a choice requires forgoing all other potential choices. Opportunity cost is simply the next most preferred alternative that is given up when a choice is pursued. This video is included as part of a 40-lesson course on the Economics of Entrepreneurship available now for teachers and students at no charge at FEE.org/Courses.

from Opportunity Cost (2016)
Creator: Learn Liberty
Posted by Foundation for Economic Education
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