The amount of a good that must be given up to produce another good is the concept of:

Question

Quizplus · Accepted Answer

The concept described is that of opportunity cost, which is the value of the next best alternative forgone in order to pursue a certain action. This is a fundamental concept in economics and relates to the choices individuals, firms, and governments must make about how to allocate their limited resources to best fulfill their objectives.

The Amount of a Good That Must Be Given Up