An Opportunity Cost Is the Benefit Foregone When One Alternative

question 176

True/False

An opportunity cost is the benefit foregone when one alternative is chosen over the next best alternative.

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Definitions:

Pensions and Savings Plans

Retirement benefit plans sponsored by employers to provide employees with financial security in their retirement years.

Legally Required Benefit

Employee benefits that employers are mandated to provide by law, such as social security, workers' compensation, and unemployment insurance.

Family Medical Leave

A policy allowing employees to take an extended leave of absence from work, for family or medical reasons, with the assurance of job security.

Workers Compensation

An insurance type that offers medical benefits and compensation for lost wages to workers injured while performing their job duties.