GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is best described as what you are willing to give up to have your first choice?
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Trade-off
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Scarcity
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Economic Decision-Making
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Opportunity Cost
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Explanation:
Detailed explanation-1: -Principle #2: The cost of something is what you give up to get it. example: College education. The benefits are the job opportunities and personal satisfaction, but there are costs besides “out of pocket” costs like tuition and books.
Detailed explanation-2: -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.
There is 1 question to complete.