"We all face opportunity costs. For example, professional athletes often sign very lucrative contracts with major league teams at a young age. In Money and Missed Opportunities Andrea J. Caceres-Santamaria, Senior Economic Education Specialist GLOSSARY Consumers: People who buy goods and services to satisfy their wants these cases, they receive large incomes at a relatively young age and in many cases before they even graduate college. Their lack of knowledge about how to handle and allocate large amounts of money often results in many high-priced impulse purchases. They do not visualize or consider the opportunity costs of some of their financial decisions. Their lack of awareness regarding how, on what, and the rate they spend their earnings during their professional careers (which are not lifetime careers) leads to almost 80 percent of professional athletes declaring bankruptcy or experiencing financial stress within five years of retirement. Had they taken the time to think about the opportunity costs of their financial decisions they may not have

"We all face opportunity costs. For example, professional athletes often sign very lucrative contracts with major league teams at a young age. In Money and Missed Opportunities Andrea J. Caceres-Santamaria, Senior Economic Education Specialist GLOSSARY Consumers: People who buy goods and services to satisfy their wants these cases, they receive large incomes at a relatively young age and in many cases before they even graduate college. Their lack of knowledge about how to handle and allocate large amounts of money often results in many high-priced impulse purchases. They do not visualize or consider the opportunity costs of some of their financial decisions. Their lack of awareness regarding how, on what, and the rate they spend their earnings during their professional careers (which are not lifetime careers) leads to almost 80 percent of professional athletes declaring bankruptcy or experiencing financial stress within five years of retirement. Had they taken the time to think about the opportunity costs of their financial decisions they may not have

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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