Whenever a person gives up one resource to obtain an item is called:

Question

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Whenever a person gives up one resource to obtain an item, it is called the opportunity cost. It refers to the benefits that could have been obtained by choosing a different alternative. Thus, option D is the correct choice. Option A (cost-benefit analysis) refers to a method of analyzing the potential costs and benefits of different options before making a decision. Option B (opportunity decision) and option C (opportunity price) are not commonly used terms in economics.

Whenever a Person Gives Up One Resource to Obtain an Item