What's opportunity cost? Provide a hypothetical situation/scenario showing an

Social Studies

1 answer:

vitfil [10]2 years ago

3 0

Answer: See explanation

Explanation:

Opportunity cost is what one forgoes when we choose a different alternative. Due to the scarcity of resources, we all have choices to make.

For example, if one is faced with a choice of either spending a certain amount of money on buying a book or going to the cinema. If the person eventually buys a book, then the opportunity cost is the cost of the movie not seen and the enjoyment that's comes with going to the cinema.

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