When the government hires people to serve in the army, these people are no longer available to do other work. This choice illustrates the concept of

Question

Quizplus · Accepted Answer

The concept being illustrated here is opportunity cost. By choosing to serve in the army, these individuals are giving up the opportunity to do other work. Opportunity cost is the value of the next best alternative that must be forgone in order to pursue a certain action.

When the Government Hires People to Serve in the Army