CarlyAlacey CarlyAlacey

14-01-2016
Social Studies

contestada

What is the economic term for what you lose when using resources for something else?

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WorldCitizen WorldCitizen

25-01-2016

The economic term for this is "opportunity cost".

Opportunity cost is the cost of the options that one is not choosing. This means that if one has to choose between A and B, opportunity cost is the cost of "giving up B" when one chooses A.

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