Question

The producerare used to producing one good then the other goods which these resource csn produce have been scarified this cost is called

Answer 1

★ Answer ★

The cost of scarifying other goods is known as the opportunity cost. Opportunity cost is the cost of giving up the next best alternative when making a decision. When one good is produced instead of another, the opportunity cost is the value of the forgone good. For example, if a farmer chooses to plant corn instead of wheat, the opportunity cost is the potential income that would have been earned from planting wheat.

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