Question

Andy has a research project due in one month. using a calendar, andy schedules smaller goals for each week to help ensure the project is complete by the deadline. in this scenario, which economic term describes andy's time? a long-term benefit a scarce resource a short-term cost an opportunity cost

Answer 1

opportunity cost describes andy's time

What is opportunity cost?

The opportunity cost of a specific activity option in microeconomic theory is the loss of value or benefit that would be experienced by engaging in that activity, as opposed to engaging in an alternative activity that offers a higher return in value or benefit.

The value of the next best alternative or option is referred to as the opportunity cost. This value may or may not be monetary. Value can also be measured using other criteria such as time or satisfaction. One formula for calculating opportunity costs may be the ratio of what you give up to what you receive.

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