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Benjamin has saved $40.00 for concert tickets but decides to buy a new pair of jeans instead. In this scenario , what do they concert tickets most likely represent?

A.capital
B.scarcity
C.opportunity cost
D.decreased demand

2 Answers

4 votes

The correct answer is C.opportunity cost


User Eunjoo
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5 votes

Answer: C. opportunity cost

In economics, "opportunity cost" is the value of something that is given up in order to acquire something else. There are always multiple uses for capital (cash or money for investment), as well as other economic resources (labor, land, etc). So we're always faced with opportunities and make decisions about which opportunities we'll pursue and which we'll not pursue. The concert tickets are an opportunity cost that Benjamin decided against in order to purchase jeans instead.

User Quime Parle
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