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What does the term 'opportunity cost' refer to? (2022)

Practice Questions

Q1
What does the term 'opportunity cost' refer to? (2022)
  1. The cost of production
  2. The cost of the next best alternative foregone
  3. The total cost of all alternatives
  4. The cost of resources

Questions & Step-by-Step Solutions

What does the term 'opportunity cost' refer to? (2022)
  • Step 1: Understand that every time you make a choice, you have to give up something else.
  • Step 2: Identify the best alternative option you could have chosen instead of your current choice.
  • Step 3: Recognize that the value of that best alternative is what we call 'opportunity cost'.
  • Step 4: Remember that opportunity cost helps you understand what you are sacrificing when you make a decision.
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