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Opportunity Cost versus Sunk Cost

This is an attempt to explain and clarify one of the most fundamental concepts in economics - the concept of costs. These are almost always opportunity costs, of course. Opportunity costs are marginal costs, that is, the costs of taking an action or making a decision. These must be distinguished from sunk costs which are already incurred or paid. Sunk costs are the costs of past actions, they are already paid, and represent no opportunity for current choice. I think there are plenty of examples to help clarify the concepts.