1
QuizMultiple Choice

Applying Economics to World History

Question 1 • FL-2109010-M/J World History A - Teacher Directed Resource

What is opportunity cost?

Answer
A
the limited availability of goods or services
B
a benefit lost when choosing between two options
C
the resources used to produce finished goods or services
D
a system of directly exchanging goods or services for other goods or services

Explanation

Opportunity cost is the value or benefit of the next-best alternative you give up when you make a choice. For example, if you spend money on a concert ticket instead of a book, the benefit of the book is part of your opportunity cost. Choice B, “a benefit lost when choosing between two options,” describes this idea.

AI-written and checked against the verified answer.

Next