In economics, opportunity costs refer to the value of the next-best alternative use of that resource given limited resources. In daily life, opportunity costs are the benefits or pleasures foregone by choosing one alternative over another. Also Opportunity costs apply to allocating resources in production Production, consumption and opportunity costs
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Basics of economy
Economics is a social science concerned with the production, distribution, and consumption of goods and services. Also It studies how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs. Further It called Micro and Macro Economics. Basics of economics
