ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Supply
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Opportunity Cost
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Economics
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Culture
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Detailed explanation-1: -Opportunity cost is the value of what you lose when choosing between two or more options. Every choice has trade-offs, and opportunity cost is the potential benefits you’ll miss out on by choosing one direction over another.
Detailed explanation-2: -Opportunity costs represent the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.
Detailed explanation-3: -Opportunity Cost is the potential benefit that an individual or an entity loses by choosing one alternative over the other. Economic Cost looks at the overall profits or losses of choosing one alternative over the other in terms of resources, time and cost.
Detailed explanation-4: -The opportunity cost is time spent studying and that money to spend on something else. 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). A commuter takes the train to work instead of driving.