Opportunity Cost example #82984

the act of giving up one benefit in order to gain another, greater benefit

the idea that a country that decides to produce more military goods has fewer resources to produce consumer goods and vice versa

the most desirable alternative given up as the result of a decision

the process of deciding whether to do or use one additional unit of some resource

a decision-making process in which you compare what you will sacrifice and gain by a specific action

the extra cost of adding one unit

the extra benefit of adding one unit