Mario Villarreal is a professor and Research Chair in Strategic Intelligence at the Public Policy Graduate School at the Instituto Tecnológico y de Estudios Superiores de Monterrey in Monterrey, Mexico, and an Affiliated Senior Scholar at the Mercatus Center at George Mason University.

Prof. Mario Villarreal‐​Diaz explains the scarcity inherent in the world, and how this necessarily implies a world of tradeoffs. In such a world, the pursuit of a choice requires forgoing all other potential choices. Opportunity cost is simply what is given up when a choice is pursued. This is an important concept, as it provides guidance as to where scarce resources will be more productive.

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