Personal Finance (6th Edition) (Pearson Series in Finance)
Personal Finance (6th Edition) (Pearson Series in Finance)
6th Edition
ISBN: 9780134082561
Author: Jeff Madura
Publisher: PEARSON
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Chapter 1, Problem 2RQ
Summary Introduction

To discuss: The opportunity cost and some of the opportunity cost of spending $10 each week on the lottery.

Opportunity costs are the benefits that a person, shareholder or company loses when choosing an alternative over an alternative. Although financial reports do not reveal the cost of opportunity, business owners can use it when they have multiple options before them to make educated decisions. Bottlenecks are often the origin of the opportunity cost.

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