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Scarcity, trade-offs, and opportunity cost In his book Naked Economics, Charles Wheelan discusses the falling birth rate in industrialized countries like Japan and the United States. He writes that the main cost of child rearing today is the cost of forgone earnings when a parent stops or cuts back working in order to raise a child. The earnings that parents forgo to raise children are an example of cost. 1) A Marginal 2) An Explicit 3) An Opportunity
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Scarcity, trade-offs, and opportunity cost In his book Naked Economics, Charles Wheelan discusses th...
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