Question: Define the following terms while giving examples in relation to development a. Opportunity cost b. Division of labour c. Balance of payment d. Economies

Define the following terms while giving examples in relation to development a.

Define the following terms while giving examples in relation to development a. Opportunity cost b. Division of labour c. Balance of payment d. Economies of scale e. Diversification 10 1

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A Opportunity cost Opportunity cost refers to the value of the next best alternative foregone when making a decision or choice It represents the potential benefits or opportunities that are sacrificed ... View full answer

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