ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Identify the correct definition for the following term:alternative
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Citizens are only allowed to purchase a certain amount of goods
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The cost associated with giving up one thing for another
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Redirecting resources from one source to another
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Using something close to what is actually desired
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Explanation:
Detailed explanation-1: -Some common synonyms of desire are covet, crave, want, and wish.
Detailed explanation-2: -Desire, a more formal verb, suggests a strong wish: They desire liberation.
Detailed explanation-3: -Alternative Use means use of a material for a purpose other than for which it was conceived, which is beneficial because it promotes resource efficiency; Sample 1.
Detailed explanation-4: -different, opportunity, option, substitute, second, surrogate, druthers, pick, preference, recourse, redundancy, selection, sub, another, back up, other, other fish to fry, take it or leave it.
There is 1 question to complete.