Final answer:
The correct term for the benefit given up when choosing one alternative over another is 'opportunity cost'. Opportunity cost involves assessing the value of the next best alternative that is not chosen, and may include time, money, or other resources.
Step-by-step explanation:
The benefit that is given up when one alternative is chosen over another is known as the opportunity cost. Opportunity cost represents the value of the most desirable alternative that is forgone by selecting a different path. As a key concept in economics, it helps individuals and businesses assess the relative worth of different decisions.
For example, if the alternatives for spending a Friday evening are going to the movies, seeing a concert, volunteering at a local soup kitchen, visiting a favorite grandparent, or working a part-time job, the opportunity cost of going to the movies would be the next most valued alternative you give up, such as seeing your favorite grandparent or working at your job.
Thus, the correct answer to the student's question is A: opportunity cost. This concept applies to all scenarios where choices between alternatives exist. It is not just a monetary measure, but often includes time or other resources that are sacrificed when a decision is made.