Question

_____ refers to the chance of giving up the second-best choice when making a decision.

Answer 1

Opportunity cost: The value of the second-best alternative that a person gives up when making one choice instead of another. Scarcity: An economic condition created by an excess of human wants over the resources necessary to satisfy them; an inability to satisfy all of everyone's wants.

Step-by-step explanation:

Opportunity cost: The value of the second-best alternative that a person gives up when making one choice instead of another. Scarcity: An economic condition created by an excess of human wants over the resources necessary to satisfy them; an inability to satisfy all of everyone's wants.