In economics, what is the cost of something?
A) the dollar amount of obtaining it
B) the value of the resources needed to produce it
C) what you give up to obtain it
D) the amount of labour to produce it

Question

Quizplus · Accepted Answer

The cost of something is what you give up to obtain it, also known as opportunity cost. This includes not just the dollar amount, but also the value of the resources needed to produce it, as well as the amount of labor to produce it. However, the most comprehensive and accurate understanding of cost takes into account the opportunity cost of choosing one option over another.

In Economics, What Is the Cost of Something