Define opportunity cost
Opportunity cost is the next best alternative forgone when a choice is made. If one had a choice of buying product A and product B, the opportunity cost of buying product A is product B.
PC
Related Economics GCSE answers
All answers ▸What are the advantages and disadvantages of globalisation? (6)
The elasticity of supply of frozen pizzas is likely to be more elastic than the supply of fresh vegetables. Do you agree with this statement?
What's the difference between a normal good and a inferior good?
Explain one negative externality that could occur due to the building of a new airport.