ECONOMICS

Detailed explanation-1: -Opportunity costs represent the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.

Detailed explanation-2: -Opportunity cost is the benefit sacrificed or foregone when one alternative is chosen over another.

Detailed explanation-3: -When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can’t spend the money on something else.

Detailed explanation-4: -Opportunity Cost refers to in accepting an alternative course of action.

Detailed explanation-5: -Answer and Explanation: The benefits sacrificed when one alternative is chosen over another are referred to as: b) Opportunity costs. This is the definition of opportunity cost.