What is it called when the value lost when one alternative is chosen over another?

What is it called when the value lost when one alternative is chosen over another?

Opportunity cost. Value lost when one alternative is chosen over another.

What is the term for giving up one choice for another opportunity?

Tradeoff. Definition. the act of giving up one thing of value to gain another thing of value. Term. Opportunity Cost.

What term means the value of the next best alternative given up?

Opportunity Cost. This of a choice is the value of the next best alternative given up when that choice is made.

What is the amount of goods and services produced per input used?

Economics Concepts Definitions

Concept	Definition
Producers/Production	People who use resources to make goods and services, also called workers./ The making of goods and services using resources.
Productivity	The amount of goods or services that are produced per worker (or sometimes, per other input), or output per person.

What is sunk cost?

sunk cost, in economics and finance, a cost that has already been incurred and that cannot be recovered. In economic decision making, sunk costs are treated as bygone and are not taken into consideration when deciding whether to continue an investment project.

What is the value of your next best choice?

“Opportunity cost is the value of the next-best alternative when a decision is made; it’s what is given up,” explains Andrea Caceres-Santamaria, senior economic education specialist at the St.

What is given up when a choice is made the second best alternative?

Opportunity cost is what is given up when a choice is made (the second best alternative).

What is given up when a choice is made the highest valued alternative foregone?

opportunity cost
The highest-valued alternative that must be forgone when a choice is made is called opportunity cost.

What is the total value of all the finished goods and services produced in a country over a certain period of time?

GDP
GDP stands for “Gross Domestic Product” and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure of economic activity.