Opportunity Cost of an Action Is

question 130

Multiple Choice

Opportunity cost of an action is

• A)the best choice that can be made.
• B)the highest-valued alternative forgone.
• C)the money cost.
• D)the comparative cost.
• E)the absolute cost.

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Definitions:

Productive Resources

The inputs used in the production of goods and services, typically categorized into land, labor, and capital.

Population Growth Rate

The population growth rate is a measure of how the number of individuals in a population increases or decreases over time, usually expressed as a percentage.

Economic Development

The process by which the overall health, wellbeing, and economic capabilities of a country improve, often through targeted policies and investments.

Available Resources

Assets, materials, and inputs that can be utilized to produce goods and services.