Homework Sourseopportunity cost refers to current interest rates the amount
opportunity cost refers to
-current interest rates
-the amount paid for taxes when a purchase is made
-money needed for major consumer purchases
-what a person gives up by making a choice
opportunity cost refers to
-current interest rates
-the amount paid for taxes when a purchase is made
-money needed for major consumer purchases
-what a person gives up by making a choice
opportunity cost refers to
-current interest rates
-the amount paid for taxes when a purchase is made
-money needed for major consumer purchases
-what a person gives up by making a choice
Solution
Opportunity cost refers to
-what a person gives up by making a choice
Explanation:
Opportunity cost refers to a benefit that a person could have received, but gave up, to take another course of action. Stated differently, an opportunity cost represents an alternative given up when a decision is made.
The term opportunity cost is often used in finance and economics when trying to choose one investment, either financial or capital, over another. It is a measure of any economic choice as compared to the next best one.
