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Opportunity cost refers to the value of the next best alternative that is forgone when making a choice. It represents the trade-off between different options.
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Scarcity: Scarcity refers to limited resources in relation to unlimited wants, which leads to choices and trade-offs.
Trade-off: A trade-off occurs when choosing one option means giving up another option.
Marginal Cost: Marginal cost is the additional cost incurred by producing or consuming one more unit of a good or service.