ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In football, the opportunity cost would represent the number of yards which could be attained on any play if the correct play was chosen and if the teams were of equal quality-essentially what the offense can expect to get and what the defense can expect to give up.

Detailed explanation-2: -The opportunity cost of a choice is the value of the best alternative given up. Scarcity is the condition of not being able to have all of the goods and services one wants. It exists because human wants for goods and services exceed the quantity of goods and services that can be produced using all available resources.

Detailed explanation-3: -Opportunity cost is a concept in Economics that is defined as those values or benefits that are lost by a business, business owners or organisations when they choose one option or an alternative option over another option, in the course of making business decisions.

Detailed explanation-4: -Opportunity Cost = Return on Most Profitable Investment Choice-Return on Investment Chosen to Pursue. Opportunity Cost = $80, 000 (selling ten cars worth $8, 000 each)-$60, 000 (selling 5 trucks worth $12, 000 each) Opportunity Cost = $20, 000. 13-May-2021