TExES Social Studies 4-8 (118) Practice Questions - TExES Social Studies 4-8 (118) Exam

In economics, what does the term 'opportunity cost' refer to?

The total money spent on a purchase The value of the next best alternative given up when making a choice The cost of producing a good The tax paid on a transaction

Correct Answer:

The value of the next best alternative given up when making a choice

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