cost of o

Question 1

fundamental concept in economics that refers to the value of the best alternative that you forgo when making a choice

Answer 1

Opportunity cost

Question 2

It’s not just about the money or resources spent, but about the benefits you could have received if you had made a different decision.

Answer 2

Opportunity cost

Question 3

Opportunity cost is always about a ?

Answer 3

trade-off

Question 4

You give up something to gain something else. This could be time, money, or any other resource.

Answer 4

trade-off

Question 5

This occurs when an individual or country can produce more of a good or service with the same amount of resources than others can.

Answer 5

Absolute Advantage

Question 6

exists when an individual or country can produce a good or service at a lower opportunity cost, not necessarily at a greater volume, than others

Answer 6

Comparative Advantage

Question 7

It’s not about being the best at something, but about being relatively more efficient compared to other tasks or compared to other producers.

Answer 7

Comparative Advantage