GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Having fewer resources than needed to fill human wants and needs
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A time or set of circumstances that makes it possible to do something
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Anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media
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The loss of other alternatives when one alternative is chosen
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Detailed explanation-1: -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-2: -In economics, opportunity cost represents the potential gain that is lost when choosing one investment choice over another.
Detailed explanation-3: -That is, opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen. In economics, opportunity cost represents the relationship between scarcity and choice. It incorporates all associated costs of a decision, both explicit and implicit.
Detailed explanation-4: -Opportunity cost is commonly defined as the next best alternative. Also, known as the alternative cost, it is the loss of gain which could have been gained if another alternative was chosen.
Detailed explanation-5: -“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.