Which economic concept is illustrated by the saying "You can't have your cake and eat it too"?

Question

Quizplus · Accepted Answer

The saying "You can't have your cake and eat it too" is a common way of expressing the concept of opportunity cost. It means that when we choose to use a resource (in this case, a cake), we give up the opportunity to use that resource in another way (keeping it for later or sharing it with someone else). In economics, opportunity cost refers to the value of the next best alternative that we give up when we make a choice.

Which Economic Concept Is Illustrated by the Saying "You Can't