Opportunity cost is used for understanding what alternative must be given up and which alternative must be chosen. It helps businesses, investors, and individuals to understand which potential benefits have to be foregone. Opportunity costs help in deciding how to use scarce resources efficiently. It is a relationship between choice and scarcity. You can read about the Indian Economy Notes For UPSC Preparation in the given link.
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Public Distribution System (PDS) and Targeted Public Distribution System (TPDS) – A Brief Overview |
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UPSC Mains General Studies Paper-III Strategy, Syllabus & Structure |
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