The second-best alternative value that a person gives up when making a choice is known as opportunity cost. This economic principle is important for effective decision-making. Other related terms include marginal benefit, marginal cost, and marginal spending.
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The value of the second-best alternative that a person gives up when making a choice is called opportunity cost . This economic principle helps individuals and businesses evaluate what they are sacrificing when making decisions. It's essential to understand opportunity cost for effective decision-making in everyday life and economics. ;