Answer:
3.trade-offs associated with financial decisions.
Explanation:
Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
It is also known as implicit cost.
For example, a student chooses to go to grad school instead of working at a company where she would be paid $350,000 per year. Her opportunity cost of going to grad school is the $350,000 she would have earned if she decided to take the job instead.
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