How can out-of-pocket costs and opportunity costs be applied to personal financial decisions?
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How can out-of-pocket costs and opportunity costs be applied to personal financial decisions?
Is this a homework question? If so, please at least make an attempt to answer it yourself first and then someone can help from there.
For instance you want to buy a TV for watching movies, however you also want to go holiday tour then you purchase a TV and left the decision to go tour it means that TV cost is out of pocket cost whereas tour enjoyment is opportunity cost
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