Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
Final answer:
Opportunity cost is crucial in economics when resources are scarce, defining the value of the best alternative forgone in decision-making.
Explanation:
Opportunity cost is the key concept in economics within the context of scarcity. It refers to the value of the best alternative forgone when making a choice. When resources are scarce, the relevant cost in economics is the cost of the opportunity that is foregone.
Learn more about Opportunity cost in economics here:
https://brainly.com/question/33630246
Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.