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In businesses all around us, there's constant change in costs, whether accounting, economic, or opportunity costs. An example of viewing these costs and decision-
In businesses all around us, there's constant change in costs, whether accounting, economic, or opportunity costs. An example of viewing these costs and decision- making outcomes can be analyzed through our president's decisions, being that the outcomes are much more catastrophic. The White House Office of Management and Budget recently ruled out the decision to gradually phase out the federal regulatory opportunity costs. These changes in bureaucracy can bring perspective to possible negative effects on opportunity costs necessary for these regulations, which could hurt our economic growth. In the last two years, Biden has undergone several plans to save costs, such as through relief packaged from Covid-19, the Infrastructure Investment and Job Act, and Healthcare, and Tax policies. Each of these examples worked to reduce costs in some way, for example, the relief packages prevented long-term costs. Another example of a large decision made to prevent high costs can be shown in healthcare where the Biden administration lowered these costs through negotiating drug prices. These opportunity costs working to limit costs differ on how they implement the decisions, the economic conditions during the time, and the outcome varies from the effectiveness of the policy. As a result, The White House has claimed that "America has seen the strongest growth since the pandemic of any leading economy in the world... continuing to build an economy that finally works for working families with better jobs, lower costs, and more opportunity" (WhiteHouse, 2023).
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