Question

Which phrase best defines the term ""opportunity cost""? what a country produces when it specializes in a good or service what a country gives up when it chooses to produce a good or service what a country gains when it chooses to produce a good or service what a country invests in a particular good or service

Answer 1

The cost or price of the next best alternative accessible to a business, firm, or investor is referred to as the opportunity cost.

Importance of opportunity cost?

In the realm of business and finance, the concept of Opportunity Cost is critical. It discusses the reasoning behind economic decisions made or chosen in comparison to other alternative options.

One critical consideration is the presence and availability of a viable "option" to the decision-maker. There is no Opportunity Cost if no option is available. Furthermore, the accessible options should be economically valuable. The excluded choice could be a product or a service.

Thus Option 2 is the correct option regarding Opportunity cost.

For more information about Opportunity, costs refer to the link:

https://brainly.com/question/17204577

Answer 2

Answer:

b) what a country gives up when it chooses to produce a good or service