chapter 3 - opportunity cost Flashcards
1
Q
definition of:
opportunity cost
A
cost of the next best opportunity forgone when making decisions
2
Q
why does opportunity cost arise?
A
due to finite resources
economics > chapter 3 - opportunity cost > Flashcards
definition of:
opportunity cost
cost of the next best opportunity forgone when making decisions
why does opportunity cost arise?
due to finite resources