ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Profit
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Economics
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Productivity
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Opportunity Costs
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Detailed explanation-1: -Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. When economists use the word “cost, ” we usually mean opportunity cost.
Detailed explanation-2: -Opportunity Cost is the lost benefit, pleasure or satisfaction you sacrifice (in this case the joy of eating a hamburger) by not doing, eating or taking the next best alternative or choice.
Detailed explanation-3: -Answer and Explanation: The highest valued alternative that must be sacrificed as a result of choosing among alternatives is called the opportunity cost of the alternative chosen.
Detailed explanation-4: -“Opportunity cost is the value of the next-best alternative when a decision is made; it’s what is given up, ” explains Andrea Caceres-Santamaria, senior economic education specialist at the St. Louis Fed, in a recent Page One Economics: Money and Missed Opportunities.
Detailed explanation-5: -What Is Opportunity Cost? Opportunity costs represent the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.