You choose to complete your homework rather than watch television so that you can earn a good grade. You made the choice with th

Question

3 years ago

9

e lowest

1 answer:

soldier1979 [14.2K] · Answer 1 · 2022-09-06T21:12:26+03:00

<h2>You made the choice with the lowest "Opportunity cost".</h2>

Explanation:

Opportunity cost in simple terms, can be explained as "You get one by losing the other".

So why this opportunity cost is necessary? Let us understand.

This plays a significant role in "Personal finances". This is the effective part to be learnt to make decisions on finance.

Some of the real life examples are listed below:

"Theorie der gesellschaftlichen Wirtschaft" coined the word "opportunity cost".