Question
A trade-off is made between what you really want and the best alternative Wants Opportunity Costs Value Goals
Answer
4.4
(418 Votes)
Oscar
Elite · Tutor for 8 years
Answer
Opportunity Costs
Explanation
In economics, opportunity cost refers to the value of the best alternative that must be given up to engage in an activity. It embodies the trade-off made between what is sacrificed versus what is gained. Every decision incurs an opportunity cost since choosing one option means forgoing others.