brazil spent billions of dollars to host the soccer world cup and the summer olympics. the opportunity cost of hosting these eve

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Leona [35]

1 year ago

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brazil spent billions of dollars to host the soccer world cup and the summer olympics. the opportunity cost of hosting these eve

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Business

1 answer:

azamat · Answer 1 · 2024-01-01T09:20:55+03:00

The opportunity cost of hosting these events is the next best alternative bundle of goods and services that could be provided.

<h3>What is meant by opportunity cost?</h3>

This is the term that is used to talk about the foregone alternative. It is what would have to be neglected because of another choice that has to be taken.

What this means is that the money that would have been spent on other aspects of the government was spent on the world cup so the benefits that the people would have gotten from the options are lost.

Hence we can say that The opportunity cost of hosting these events is the next best alternative bundle of goods and services that could be provided.