Question

"Opportunity cost" is related to the basic economic concept known as ___.

Answer 1

Answer:

scarcity

Explanation:

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Answer 2

It establishes the basic relationship between scarcity and choice and this is the key concept in economics.

Explanation:

This explains the concept in which loss is occurred by not choosing the next best product or not giving way to the new opportunity. The loss time the real cost of the output the benefits or the utility which is provided must be included in the opportunity cost. To gain opportunity cost one must sacrifice without sacrifice there would be no opportunity cost and one must make the best decision to gain opportunity cost.

If an opportunity cost does not have cash flow then it will be not recorded in the accounts book but they play an important role in making business decisions.