Question

Although most people want maximum attainment of every economic goal, there is the operating reality of ________________________ that causes us to give up some of one thing if we want more of another.

Answer 1

Although most people want to maximum attainment of every economic goals, there is the operating reality of opportunity cost that causes us to give up some of one thing if we want more of another.

What is Opportunity Cost?

Opportunity cost is a concept in economics and it refers to the cost of something that has to be given up to enjoy something better. This can be for example the benefits of second best alternatives (when the first best is chosen) or alternative use of something, which is not decided on (the cost of not using land for farming and using it for building a house instead).

It is the amount or benefits an individual or organization get when they choose a particular products over another one.

The advantage could be monetary benefits.

Therefore, we can conclude that Although most people want to maximum attainment of every economic goals, there is the operating reality of opportunity cost that causes us to give up some of one thing if we want more of another.

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