economics

Scarcity of resources is one of the more basic concepts of economics. Scarcity necessitates trade-offs and trade-offs result in opportunity cost. While the cost of a goof or service often is thought of in monetary terms , the opportunity cost of a decision is based on what must be given up as a result of the decision. any decision that involves a choice between two or more options has an opportunity cost.
In economics , opportunity cost , or economic cost , is the cost of something in terms of an opportunity forgone (and the benefits which could be received from that opportunity), or the most valuable forgone alternative (or highest-valued option forgone ) Opportunity cost is not the sum of the available alternatives, but rather of benefit of the best alternative of them. The opportunity cost of the city's decision to build the hospital on its vacant land is the loss of the land for a sporting center, or the inability to use the land for a parking lot, or the money which could have been made from selling the land

Scarcity of resources is one of the more basic concepts of economics. Scarcity necessitates trade-offs and trade-offs result in opportunity cost. While the cost of a goof or service often is thought of in monetary terms , the opportunity cost of a decision is based on what must be given up as a result of the decision. any decision that involves a choice between two or more options has an opportunity cost.

In economics , opportunity cost , or economic cost , is the cost of something in terms of an opportunity forgone (and the benefits which could be received from that opportunity), or the most valuable forgone alternative (or highest-valued option forgone ) Opportunity cost is not the sum of the available alternatives, but rather of benefit of the best alternative of them. The opportunity cost of the city's decision to build the hospital on its vacant land is the loss of the land for a sporting center, or the inability to use the land for a parking lot, or the money which could have been made from selling the land