Introduction to Economics 1 Deneme Sınavı Sorusu #1081616
Which of the following gives the definition for 'opportunity cost'?
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The study of how individuals and societies choose to use scarce resources at |
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The society’s inability to produce all the goods and services |
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The combinations of output that a society can possibly produce using available resources |
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The study of how society sets its priorities in managing its scarce resources |
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A desired item or outcome that a person has to give up to get that item |
Everyone has to give up something in order to get one thing that she wants. In other words, there is a “price” for everything we get even when no money changes hands.
The opportunity cost of a desired item or outcome to a person is what that person has to give up to get that item or to achieve that outcome. When making decisions, individuals should recognize the opportunity costs of each action that they can take. The answer is E.
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