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Opportunity Cost

Opportunity cost describes the cost of a good, service or action relative to others. It is the next best alternative that you could have had if you did not choose the first.  For example, in an economy with only two goods A and B, if you choose good A, the opportunity cost is good B.

 

Anthony Carilli - The Economic Way of Thinking

 

Paul Cwik - The Foundational Difference Between Austrian Economics and the Mainstream

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Heavily-armed police and their supporters will tell you they need all those armored trucks and heavy guns. It's a dangerous job, not least because Americans have so many guns. But the numbers just don't support these claims: Policing is safer than ever--and it's safer than a lot of common jobs by comparison. Daniel Bier has the analysis. Plus, Iain Murray and Wendy McElroy look at how the Feds are recruiting more and more Americans to do their policework for them.
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