What represents the value of the second-best alternative that a person gives up when making a choice

1 answer:

8 0

What you described represents an opportunity cost. This is what a person misses out on one opportunity in order to complete something else.

For example, a person may only 2 hours of free time in a day. The person could then decide that they are going to spend their time either a) working out at the gym or b) hanging out with friends.

If the person in this scenario decides to hang out with their friends, then the opportunity cost is the missed chance/joy that one gets from going to the gym.

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