The term used to emphasize that making choices in the face of scarcity involves a cost is

Question

Quizplus · Accepted Answer

Opportunity cost emphasizes that making a choice involves giving up the opportunity to engage in the next best alternative. In other words, the cost of choosing one option is the value of the best alternative forgone. This concept highlights that scarcity forces individuals or societies to make choices, and those choices are associated with costs. Therefore, option A, opportunity cost, is the best answer to the given question. The other options, substitution cost, accounting cost, and utility cost, are not directly related to the concept of scarcity and choice.

The Term Used to Emphasize That Making Choices in the Face