Question

It is necessary to give up some of one good to gain more of the other good. This cruel fact of economic life is shown most clearly in the concept of:

Answer 1

The concept being described here is opportunity cost, which is the idea that in order to gain more of one good, you must give up some of another good.

Step-by-step explanation:

The concept being described here is opportunity cost. Opportunity cost is the idea that in order to gain more of one good, you must give up some of another good. This is a central principle in economics, as resources are typically scarce and choices involve tradeoffs. For example, if a country decides to allocate more resources to producing food, it may have to give up resources that could have been used to produce other goods, such as education or manufacturing.