Opportunity cost is best defined as:

A. the cost of capital resources used in the production of additional capital.
B. the sum of all alternatives given up when a choice is made.
C. the money spent once a choice is made.
D. the highest-valued alternative given up when a choice is made.
E. the cost of a good minus the satisfaction obtained from consuming it.

Question

23-06-2024
Social Studies

Answered

Opportunity cost is best defined as:

A. the cost of capital resources used in the production of additional capital.
B. the sum of all alternatives given up when a choice is made.
C. the money spent once a choice is made.
D. the highest-valued alternative given up when a choice is made.
E. the cost of a good minus the satisfaction obtained from consuming it.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-06-23T23:24:51-04:00

Final answer:

Opportunity cost is the value of the best alternative foregone when making a choice, emphasizing the importance of considering trade-offs in decision-making.

Explanation:

Opportunity cost is the value of the best alternative forgone when a choice is made. It represents what must be given up to obtain something desired, emphasizing that every decision involves trade-offs.

For example: If a student decides to work part-time instead of studying for more academic hours, the opportunity cost would be the potential higher grades that could have been achieved with the extra study time.

Economists use opportunity cost to assess: The benefits foregone by choosing one option over another, highlighting the importance of considering all potential outcomes when making decisions.

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