Every time we use scarce resources in one way,we give up the opportunity to use them in other ways.
A cost is always involved in any activity.

Question

Quizplus · Accepted Answer

This statement is true and is based on the concept of opportunity cost, which states that the cost of any decision is the value of the next best alternative that must be forgone as a result of choosing a particular option. In other words, whenever we make a choice, we must give up something else in order to pursue that choice. Therefore, there is always a cost involved in any activity due to the scarcity of resources.

Every Time We Use Scarce Resources in One Way,we Give