Opportunity Cost Can Best Be Defined as the

question 177

Multiple Choice

Opportunity cost can best be defined as the

• A)value of what must be given up in order to acquire an item.
• B)money cost to the buyer to acquire a good or service.
• C)total value of all the other items that otherwise could be acquired.
• D)cost to the seller to produce an item.
• E)time cost to obtain the money to buy an item.

---

Definitions:

Unskilled Labor

Work that requires minimal specialized skills or training, often involving manual or routine tasks.

Domestic Demand

The total demand for goods and services within a country, including both consumer spending and business investment.

Wage Gap

The difference in average earnings between two or more groups, often highlighting disparities between genders, races, or other demographic segments.

Human Capital

The aggregate of talents, understanding, and immaterial resources possessed by individuals that are capable of producing economic benefits.