Prof. Mario Villarreal-Diaz explains the scarcity inherent in the world, 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 what is given up when a choice is pursued. This is an important concept, as it provides guidance as to where scarce resources will be more productive. Watch more videos: http://lrnlbty.co/y5tTcY
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