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Evgen [1.6K]
3 years ago
8

The next best alternative given up when individuals, businesses, and governments confront scarcity by making choices is known as

__________.
Social Studies
1 answer:
Dima020 [189]3 years ago
8 0

Answer:

Opportunity cost

Explanation:

According to my research on business terminology, I can say that based on the information provided within the question the term being defined is known as Opportunity cost. This term is defined as the loss of other alternatives when one alternative is chosen.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

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From the excerpt, we know that John has a very good pragmatic skills in general. But this test is most likely taken under a structured situation that does not represent the actual real life. So, when John actually encountered it in his social life, he does not understand  when is the proper time to actually use the skill.

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