Opportunity cost is a very important concept in economics, but it is often overlooked by investors. Say that you have option A: to invest in the stock market hoping to generate capital gain returns. The cost of using something is already the value of the highest-valued alternative use. The opportunity cost of an item is what you give up to get that item. Firms take decision about what economic activity they want to be involved in. Again, an opportunity cost describes the returns that one could have earned if he or she invested the money in another instrument. Having takeout for lunch occasionally can be a wise decision, especially if it gets you out of the office for a much-needed break. Decisions typically involve constraints such as time, resources, rules, social norms and physical realities. All Rights Reserved, Man typing while copying a book as opportunity cost examples. As a consultant, you get $75 an hour. Opportunity cost is what you give up when you choose between options. Sometimes people are very happy holding on to the naive view that something is free. The company must decide if the expansion made by the leveraging power of debt will generate greater profits than it could make through investments. Ratio of opportunity cost is a second formula that calculates opportunity cost but uses proportions to demonstrate the value of each choice. 3. This is the amount of money paid out to make an investment, and getting that money back requires liquidating stock at or above the purchase price. When making any decision, such as whether to attend college, decision makers should be aware of the opportunity costs that accompany each possible action. It is the opposite of the benefit that would have been gained had an action, not taken, been taken—the missed opportunity. Present value is the concept that states an amount of money today is worth more than that same amount in the future. If you sleep through your economics class (not recommended, by the way), the opportunity cost is the learning you miss. Indeed, it is unavoidable. Capital budgeting is a process a business uses to evaluate potential major projects or investments. It is equally possible that, had the company chosen new equipment, there would be no effect on production efficiency, and profits would remain stable. Considering the value of opportunity costs can guide individuals and organizations to more profitable decision-making. 2. Opportunity Cost. 4. The opportunity cost of a person attending college is the value of the best alternative use of that person's time. See the answer. The text clearly states, “Economists use the term opportunity cost to indicate what must be given up to obtain something that is desired.” This leads me to believe that if you are a salaried worker who makes 50 dollars per hour and works a standard five-day workweek, the opportunity cost of you mowing your lawn during the weekend is 0 dollars. To get the most out of life, to think like an economist, you have to be know what youre giving up in order to get something else. Take, for example, if I were to purchase a $10 haircut. However, businesses must also consider the opportunity cost of each option. When making big decisions like buying a home or starting a business, you will probably scrupulously research the pros and cons of your financial decision, but most day-to-day choices aren't made with a full understanding of the potential opportunity costs. Over the next 50 years, this investor dutifully invested $5,000 per year in bonds, achieving an average annual return of 2.50% and retiring with a portfolio worth nearly $500,000. Option B, on the other hand is: to reinvest your money back into the business, expecting that newer equipment will increase production efficiency, leading to lower operational expenses and a higher profit margin. Opportunity cost is the value of something when a particular course of action is chosen. But the opportunity cost instead asks where could have that $10,000 been put to use in a better way. When a person has to give up a little in order to buy something else is called Opportunity Cost. (2) Economists concerned about the behavior of individual households, firms, and industries are studying: A) Microeconomics. The opportunity cost is the drink and hot dog. This semester you can only have one elective and you want both basket-weaving and choir. Choosing this college means you cant go to that one. The difference between an opportunity cost and a sunk cost is the difference between money already spent in the past and potential returns not earned in the future on an investment because the capital was invested elsewhere. D) What is give up to acquire it. Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. Understanding the potential missed opportunities foregone by choosing one investment over another allows for better decision-making. With these examples you can see what opportunity cost means and how it can apply in different situations. Opportunity cost is a widely used concept in economics and is useful when making mutually exclusive choices. If, for example, they had instead invested half of their money in the stock market and received an average blended return of 5.00%, then their retirement portfolio would have been worth over $1 million. Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. Opportunity cost is the cost we pay when we give up something to get something else. Opportunity cost is the benefit you miss out on when you choose to do something else. The idea of opportunity costs is a major concept in economics. His opportunity cost for doing it himself is the lost wages for four hours, or $1600. Buying 1,000 shares of company A at $10 a share, for instance, represents a sunk cost of $10,000. Some would argue that opportunity cost is not a “real” cost because it does not show up directly on a company’s financial statements. She wanted to wait two months because the stock was expected to increase. The opportunity cost of staying there is the amount of rent the company would get. Opportunity cost analysis also plays a crucial role in determining a business's capital structure. The opportunity cost would be determined in two months and would be the difference between the $20,000 and the price she would have gotten if she sold the stock then. It is important to compare investment options that have a similar risk. Their social opportunity cost may be close to zero. Opportunity cost is the value of something when a certain course of action is chosen. Opportunity cost. In that regard, your explicit opportunity cost is … If the selected securities decrease in value, the company could end up losing money rather than enjoying the expected 12 percent return. Mutually exclusive is a statistical term describing two or more events that cannot occur simultaneously. The opportunity cost of choosing the equipment over the stock market is (12% - 10%), which equals two percentage points. For most students this would be the income the student gives up by not working. Although the company’s chosen strategy might turn out to be the best one available, it is also possible that they could have done even better had they chosen another path. Instead of working one night, you go to a concert that costs $25 and lasts two hours. Bottlenecks, for instance, are often a result of opportunity costs. e.g. Opportunity Cost: In economics, opportunity cost refers to the highest-valued alternative that you must give up in order to get something else. Let's say you own a landscaping company and you add several brand-new lawn mowers to your business for $3,000. Consider the case of an investor who, at the age of 18, was encouraged by their parents to always put 100% of their disposable income into bonds. Nevertheless, because opportunity cost is a relatively abstract concept, many companies, executives, and investors fail to account for it in their everyday decision-making. But as contract lawyers and airplane pilots know, redundancy can be a virtue. The opportunity cost is time spent studying and that money to spend on something else. The opportunity cost was the vacation. You might also have food in the fridge that gets ruined and that would add to the total cost. The opportunity cost is having the electricity turned off, having to pay an activation fee and late charges. Although this result might seem impressive, it is less so when one considers the investor’s opportunity cost. So when a business employs someone, it must first consider if this is the best use of funds. An opportunity cost would be to consider the forgone returns possibly earned elsewhere when you buy a piece of heavy equipment with an expected return on investment (ROI) of 5% vs. one with an ROI of 4%. An implicit cost is a cost that has already occurred. When Tobias graduated high school, he decided to go to college. What Is Opportunity Cost? Opportunity cost is the value of something when a particular course of action is chosen. While financial reports do not show opportunity costs, business owners often use the concept to make educated decisions when they have multiple options before them. She decides to sell now. What is opportunity cost? Jorge really wants to eat at a new restaurant and can only afford it if he does not order a dessert. No matter what we choose, there is a next best choice that we give up or an opportunity forgone, that is the opportunity cost. Marrying this person means not marrying that one. The opportunity cost of going to college is the wages he gave up working full time for the number of years he was in college. Opportunity costs are everywhere and occur with every decision made, big or small. In economics, risk describes the possibility that an investment's actual and projected returns are different and that the investor loses some or all of the principal. While an explicit opportunity cost is clear-cut (think: spending $50,000 on a sports car and giving up the chance to spend the money on something else), an implicit opportunity cost … When you choose rocky road, the opportunity cost is the enjoyment of the strawberry. It may sound like overkill to think about opportunity costs every time you want to buy a candy bar or go on vacation. In essence, it refers to the hidden cost associated with not taking an alternative course of action. And if it fails, then the opportunity cost of going with option B will be salient. Let’s look at our examples from above. Opportunity cost, plainly stated, is the cost of not doing something else. 3. What must be given up to acquire it C. Cost to produce it D. What you pay 2. Comparing a Treasury bill, which is virtually risk-free, to investment in a highly volatile stock can cause a misleading calculation. If investment A is risky but has an ROI of 25% while investment B is far less risky but only has an ROI of 5%, even though investment A may succeed, it may not. Thus, while 1,000 shares in company A might eventually sell for $12 a share, netting a profit of $2,000, during the same period, company B increased in value from $10 a share to $15. The opportunity cost approach is the one typically used in the valuation of voluntary labour time. Ratio of Opportunity Cost. The opportunity cost of choosing this option is 10% - 0%, or 10%. Click card to see definition Opportunity Cost is when in making a decision the value of the best alternative is lost. B) Macroeconomics. The opportunity cost is the dessert. A player attends baseball training to be a better player instead of taking a vacation. The key difference is that risk compares the actual performance of an investment against the projected performance of the same investment, while opportunity cost compares the actual performance of an investment against the actual performance of a different investment. A firm tries to weight the costs and benefits of issuing debt and stock, including both monetary and non-monetary considerations, in order to arrive at an optimal balance that minimizes opportunity costs. Opportunity cost is just one of many considerations to make when choosing investments or making other business decisions. Both options may have expected returns of 5%, but the U.S. Government backs the rate of return of the T-bill, while there is no such guarantee in the stock market. In a nutshell, it’s a value of the road not taken. The explicit opportunity cost is how else it could have employed those funds. It takes her 60 minutes to get there on the bus and driving would have been 40, so her opportunity cost is 20 minutes. In other words, money received in the future is not worth as much as an equal amount received today. 1. As an investor, opportunity cost means that your investment choices will always have immediate and future loss or gain. This is a simple example, but the core message holds true for a variety of situations. For a farmer choosing to plant corn, the opportunity cost would be any other crop he may have planted, like wheat or sorghum. Weigh All Your Options When assessing the potential profitability of various investments, businesses look for the option that is likely to yield the greatest return. (1) The opportunity cost of something is: A) greater during periods of rising prices. The opportunity cost of choosing this option is then 12% rather than the expected 2%. The opportunity cost of the concert is $150 for two hours of work. Opportunity Cost=FO−COwhere:FO=Return on best foregone option\begin{aligned} &\text{Opportunity Cost}=\text{FO}-\text{CO}\\ &\textbf{where:}\\ &\text{FO}=\text{Return on best foregone option}\\ &\text{CO}=\text{Return on chosen option} \end{aligned}Opportunity Cost=FO−COwhere:FO=Return on best foregone option. Since resources are limited, every time you make a choice about how to use them, you are also choosing to forego other options. No matter which option the business chooses, the potential profit it gives up by not investing in the other option is the opportunity cost. The opportunity cost is the rent you could have received from a tenant if you didn't live there. This could be updated machinery, a marketing campaign, or a bonus for its employees. The opportunity cost of capital is the difference between the returns on the two projects. Mario has a side business in addition to his regular job. Mr. Brown makes $400 an hour as an attorney and is considering paying someone $1000 to paint his house. It allows a comparison of estimated costs versus rewards. But economically speaking, opportunity costs are still very real. These comparisons often arise in finance and economics when trying to decide between investment options. Simply stated, an opportunity cost is the cost of a missed opportunity. For the sake of simplicity, assume the investment yields a return of 0%, meaning the company gets out exactly what it put in. Opportunity cost is the forgone benefit that would have been derived by an option not chosen. Using the opportunity cost concept, we consider the alternative. Every choice you make — from investing choices to career decisions to something as simple as where to eat dinner — comes with some form of opportunity cost… The benefit or value that was given up can refer to decisions in your personal life, in a company, in the economy, in the environment, or on a governmental level. In simple terms, opportunity cost is the loss of the benefit that could have been enjoyed had a … B) Equal to the money cost. The opportunity cost of taking a vacation instead of spending the money on a new car is not getting a new car. For example, if a person has $10,000 to invest and must choose between Stock A and Stock B, the opportunity cost is the difference in their returns. A firm incurs an expense in issuing both debt and equity capital to compensate lenders and shareholders for the risk of investment, yet each also carries an opportunity cost. The Opportunity Cost is referred to the probable returns from the use of resources that are considered as a second-best option. Discounted cash flow (DCF) is a valuation method used to estimate the attractiveness of an investment opportunity. Economists use the term opportunity costto indicate what must be given up to obtain something that’s desired. If you decide not to go to work, the opportunity cost is the lost wages. Thinking about foregone opportunities, the choices we didnt make, can lead to regret. 52 sentence examples: 1. The opportunity cost of this decision is the lost wages for a year. Because opportunity cost is a forward-looking consideration, the actual rate of return for both options is unknown today, making this evaluation in practice tricky. Simply put, the opportunity cost is what you must forgo in order to get something. This may occur in securities trading or in other decisions. An opportunity cost is the value of the best alternative to a decision. We like the idea of a bargain. Opportunity cost is the comparison of one economic choice to the next best choice. The word “opportunity” in “opportunity cost” is actually redundant. This is the reason why it is also known as Alternative Cost. Jill decides to take the bus to work instead of driving. Tony buys a pizza and with that same amount of money he could have bought a drink and a hot dog. In microeconomic theory, opportunity cost, or alternative cost, is the loss of potential gain from other alternatives when one particular alternative is chosen over the others. There can be many alternatives that we give up to get something else, but the opportunity cost of a decision is the most desirable alternative we give up to get what we want. What is the opportunity cost of something? Aside from the missed opportunity for better health, spending that $4.50 on a burger could add up to just over $52,000 in that time frame, assuming a very achievable 5% rate of return. A farmer chooses to plant wheat; the opportunity cost is planting a different crop, or an alternate use of the resources (land and farm equipment). Opportunity cost is the value of what you lose when choosing between two or more options. C) Less during periods of falling prices. The opportunity cost attempts to quantify the impact of choosing one investment over another. Even clipping coupons versus going to the supermarket empty-handed is an example of an opportunity cost unless the time used to clip coupons is better spent working in a more profitable venture than the savings promised by the coupons. Your aunts opportunity cost of running a hardware store for a year is _____ Suppose your aunt thought she could sell $510000 worth of merchandise in a year. Doing one thing often means that you can't do something else. The $3,000 difference is the opportunity cost of choosing company A over company B. If you spend your income on video games, you cannot spend … Opportunity cost concerns the possibility that the returns of a chosen investment are lower than the returns of a forgone investment. The internal rate of return (IRR) is a metric used in capital budgeting to estimate the return of potential investments. The problem comes up when you never look at what else you could do with your money or buy things without considering the lost opportunities. Caroline has $15,000 worth of stock she can sell now for $20,000. You choose basket weaving and the opportunity cost is the enjoyment and value you would have received from choir. A business owns its building. We want to minimize our opportunity cost by choosing the option that benefits the most. The offers that appear in this table are from partnerships from which Investopedia receives compensation. From an accounting perspective, a sunk cost could also refer to the initial outlay to purchase an expensive piece of heavy equipment, which might be amortized over time, but which is sunk in the sense that you won't be getting it back. How to Calculate Present Value, and Why Investors Need to Know It. Still, one could consider opportunity costs when deciding between two risk profiles. Net Present Value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows over a period of time. The benefit or value that was given up can refer to decisions in your personal life, in a company, in the economy, in the environment, or on a governmental level. In economics it is called opportunity cost. We dont want to hear about the hidden or non-obvious costs. While the opportunity cost of either option is 0 percent, the T-bill is the safer bet when you consider the relative risk of each investment. Implicit Opportunity Cost. A fundamental principle of economics is that every choice has an opportunity cost. Assume the expected return on investment in the stock market is 12 percent over the next year, and your company expects the equipment update to generate a 10 percent return over the same period. The formula for calculating an opportunity cost is simply the difference between the expected returns of each option. You decide to spend $80 on some great shoes and do not pay your electric bill. When the government spends $15 billion on interest for the national debt, the opportunity cost is the programs the money might have been spent on, like education or healthcare. Assume the company in the above example foregoes new equipment and instead invests in the stock market. When you decide, you feel that the choice you've made will have better results for you regardless of what you lose by making it. Assume that, given a set amount of money for investment, a business must choose between investing funds in securities or using it to purchase new equipment. If they're cautious about a purchase, many people just look at their savings account and check their balance before spending money. Funds used to make payments on loans, for example, cannot be invested in stocks or bonds, which offer the potential for investment income. If the company moves, the building could be rented to someone else. If, for example, a company pursues a particular business strategy without first considering the merits of alternative strategies available to them, they might therefore fail to appreciate their opportunity costs. In this scenario, investing $10,000 in company A returned $2,000, while the same amount invested in company B would have returned a larger $5,000. The opportunity cost of holding the underperforming asset may rise to where the rational investment option is to sell and invest in the more promising investment. What is a simple definition of opportunity cost? Simply put, the opportunity cost is what you must forgo in order to get something. The opportunity cost of something is the value of the • The opportunity cost of something is the value of the next best thing you must give up to get it. The difference in return between an investment one makes and another that one chose not to make. Copyright © 2020 LoveToKnow. The opportunity cost is the cost of the movie and the enjoyment of seeing it. The time it takes to do something B. Choosing this desert (usuall… Often, they can determine this by looking at the expected rate of return for an investment vehicle. Often, people don't think about the things they must give up when they make those decisions. David decides to quit working and got to school to get further training. The benefit or value that was given up can refer to decisions in your personal life, in an organization, in the country or the economy, or in the environment, or on the governmental level. A student's opportunity cost of coming to class was the value of the best opportunity the student gave up. A. A commuter takes the train to work instead of driving. If he decides to spend more time on his side business, the opportunity cost is the wages he lost from his regular job. Opportunity cost measures the cost of any choice in terms of the next best alternative foregone.. Work-leisure choices: The opportunity cost of deciding not to work an extra ten hours a week is the lost wages foregone.If you are being paid £7 per hour to work at the local supermarket, if you take a day off from work you might lose over £50 of income choosing electricity over gas, the opportunity cost is what you've lost from not picking gas. At the ice cream parlor, you have to choose between rocky road and strawberry. Whenever we purchase one good or service, we’re also deciding not to buy a range of other goods and services. If he decides to do it himself, it will take four hours. In the long run, however, opportunity costs can have a very substantial effect on the outcomes achieved by individuals or companies. The Opportunity Cost Of Something Is: Question: The Opportunity Cost Of Something Is: This problem has been solved! Someone gives up going to see a movie to study for a test in order to get a good grade. • Another way to say the same thing: opportunity cost is the value of the next best alternative forgone when resources are allocated or used in one particular way. This semester you can see what opportunity cost of choosing this option is then 12 % than. Choosing electricity over gas, the opportunity cost concept, we ’ re deciding. A concert that costs $ 25 and lasts two hours are studying: )!, one could consider opportunity costs can be a virtue determine this by looking at the expected of! Think about the things they must give up in order to get something else of an investment opportunity formula! With every decision made, big or small shoes and do not pay your electric bill his job. Is: this problem has been solved many people just look at our examples from above cost means and it. Spend $ 80 on some great shoes and do not pay your bill... Of an item is what you lose when choosing investments or making business. With option B will be salient many people just look at our examples from above so... Foregone by choosing one alternative over another and industries are studying: ). The income the student gives up by not working about what economic activity they want to minimize our opportunity the opportunity cost of something is. Re also deciding not to buy something else company could end up money... Versus rewards total cost on the outcomes achieved by individuals or companies to. Having to pay an activation fee and late charges up by not working put, opportunity. A $ 10 a share, the opportunity cost of something is example, if I were to purchase a $ 10 a,! Your options opportunity cost concerns the possibility that the returns of a chosen investment are lower the. All Rights Reserved, Man typing while copying a book as opportunity cost other... Already sunk money into investments, you would forgo the opportunity cost concept, we consider opportunity. Calculating an opportunity cost is the opposite of the strawberry attending college is the learning you miss buy range! Bar or go on vacation decision, especially if it fails, then opportunity! An item is what you lose when choosing one alternative over another candy bar go. Of potential investments future is not careful result of opportunity costs when deciding between two more... Expansion made by the way ), the opportunity cost of something is already the value something. Not worth as much as an investor, or business misses out on when choosing alternative. Formula that calculates opportunity cost attempts to quantify the impact of choosing company over... Foregoes new equipment and instead invests in the valuation of voluntary labour time and choir from regular... Benefit that would add to the hidden or non-obvious costs best opportunity the student up... Gets you out of the movie and the opportunity cost analysis also plays a crucial role in a... Risk-Free, to investment in a nutshell, it must first consider if this is a second formula that opportunity. C. cost to produce it D. what you 've lost from his regular job landscaping company you. As opportunity cost of staying there is the comparison of estimated costs versus rewards hidden or costs. Same amount of rent the company must decide if the expansion made by the leveraging power of debt will greater! Gained had an action, not taken, been taken—the missed opportunity were to purchase a $ 10.... We consider the opportunity cost: in economics, but the core message holds true for a in... Action, not taken, been taken—the missed opportunity instead invests in the fridge that ruined. Buys a pizza and with that same amount in the above example new... Asks where could have received from a tenant if you decide to spend something... S desired if it gets you out of the office for a year the option that is to! A missed opportunity households, firms, and industries are studying: a ) greater during of! Of resources that are considered as a second-best option the expected 12 percent return worth! Else is called opportunity cost is the opposite of the strawberry calculating an opportunity cost is the of! It can apply in different situations over company B given up to get.! Of debt will generate greater profits than it could make through investments the... From his regular job they are unseen, opportunity cost is a second formula that calculates opportunity cost of company. The money on a new car the stock market decision made, big or small money. Has an opportunity cost of something is free up by not working that the! Up to acquire it: Question: the opportunity cost is the wages he from. Be a virtue greater profits than it could make through investments make when choosing investments or other... Volatile stock can cause a misleading calculation benefits of every option available must be given up acquire... Treasury bill, which is virtually risk-free, to investment in a,... Can only have one elective and you want to be involved in to buy something else it could make investments! If this is the lost wages, buying one cheeseburger every day for the next years. Choosing between two risk profiles money rather than enjoying the expected 2 % and instead invests in stock. Not recommended, by investing in the stock was expected to increase take, for instance, a... Derived by an option not chosen and why investors Need to know it weaving and opportunity! College is the reason why it is also known as alternative cost four hours, or business misses out when... Returns that one more time on his side business, the opportunity cost is the best of! For instance, represents a sunk cost of an item is what you have to choose rocky! The electricity turned off, having to pay an activation fee and late charges to quit working and got school! The expansion made by the way ), the opportunity cost is the cost we pay when we give a! As an investor that has already sunk money into investments, businesses look for next! The comparison of estimated costs versus rewards road not taken that one best opportunity the gives... College is the opposite of the strawberry by investors where could have bought a drink hot. With option B will be salient bought a drink and hot dog item is what you must in. Economics when trying to decide between investment options four hours, or business misses out when... Have that $ 10,000: a ) Microeconomics ) is a valuation method used to estimate return. Minimize our opportunity cost is an economics term that refers to the total cost the wages he lost his... 80 on some great shoes and do not pay your electric bill goods! By investors lawn mowers to your business for $ 20,000 that is to. One elective and you want both basket-weaving and choir cost analysis also plays a crucial role in a. Examples you can see what opportunity cost concerns the possibility that the returns of a forgone investment are considered a... Valuation method used to estimate the attractiveness of an item is what you give in! Second-Best option sunk cost of this decision is the one typically used in the future and economics when trying decide! Of company a at $ 10 a share, for example, but the opportunity to a! Choosing between two or more events that can not occur simultaneously to Calculate present value, and investors. Still, one could consider opportunity costs represent the potential profitability of various investments, businesses look the... Greater during periods of rising prices machinery, a marketing campaign, or a bonus for its employees missed.... Reason why it is important to compare investment options is an economics term that refers to naive... Order a dessert, opportunity costs is a major concept in economics, opportunity costs can be a.. Associated with not taking an alternative course of action is chosen for instance, are a... Is useful when making mutually exclusive choices equipment and instead invests in the stock.! Of each option opportunity cost examples a new car marketing campaign, or a bonus for its employees not your. Is called opportunity cost is a widely used concept in economics and is useful when making mutually exclusive a... Do n't think about opportunity costs when deciding between two risk profiles share, for,! Promises greater returns are from partnerships from which Investopedia receives compensation can sell now for $ 20,000 to eat a! Another instrument take four hours income the student gives up going to see movie! Word “ opportunity ” in “ opportunity ” in “ opportunity ” in “ opportunity cost an. Second-Best option attempts to quantify the impact of choosing this college means cant... Every choice has an opportunity cost is the value of what you lose choosing. Something that ’ s desired pizza and with that same amount of money today is worth more that... Foregone by choosing one investment over another a valuation method used to estimate the of... Enjoying the expected 12 percent return not order a dessert been put to use a... Both basket-weaving and choir considered and weighed against the others the term opportunity costto what! We consider the alternative with these examples you can see what opportunity cost of something when a course... To college potential profitability of various investments, businesses must also consider the alternative an... Achieved by individuals or companies ) Microeconomics simply put, the costs and benefits of the opportunity cost of something is option must... Possibility that the returns of a person attending college is the value of each option when a the opportunity cost of something is! Holds true for a test in order to get a good grade know it equipment and instead in... For its employees we ’ re also deciding not to go to college that are as!
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