Ross had saved his allowance to purchase a new baseball glove. However, he decides to party over the weekend and use up his savings. This scenario of giving up one option over the other explains the concept of:

Question

Quizplus · Accepted Answer

The scenario described in the question highlights the concept of opportunity cost, which refers to the cost of giving up one option or choice in favor of another. Ross had to choose between purchasing a new baseball glove or partying over the weekend. By choosing to party, he gave up his option to purchase the glove, and the cost of this choice is his forgone opportunity to own the glove. Therefore, the best choice is B) opportunity cost.

Ross Had Saved His Allowance to Purchase a New Baseball