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Which phrase best defines the term “opportunity cost”?
1 what a country produces when it specializes in a good or service
2 what a country gives up when it chooses to produce a good or service
3 what a country gains when it chooses to produce a good or service
4 what a country invests in a particular good or service

Respuesta :

2. What a country gives up when it chooses to produce a good or service
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The best definition of opportunity cost in the options is 2 what a country gives up when it chooses to produce a good or service.

What is Opportunity Cost?

  • It refers to the next best alternative to a decision made.
  • It arises as a result of scarcity of resources.

The country in question decided to produce a certain good or service. The resources it gave up to do so are the next best alternative and so refers to opportunity cost.

In conclusion, option 2 is correct.

Find out more on opportunity costs at https://brainly.com/question/10321345.

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