Is the amount of one product that must be given up in order to produce an additional unit of another product?

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30-05-2022
Business

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Is the amount of one product that must be given up in order to produce an additional unit of another product?

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suchetasVT suchetasVT · Answer 1 · 2022-06-01T14:36:21+02:00

The amount of one product that must be given in order to manufacture an additional unit of another product is referred to as Opportunity Cost.

What is an opportunity cost?

The opportunity cost of a particular activity choice refers to the loss of value or benefit that could be incurred through conducting that activity, relative to accomplishing an alternative activity offering a better return in value or gain.

Hence, Opportunity Cost refers to the amount of one product that must be given in order to manufacture an additional unit of another product.

learn more about opportunity cost here:

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