What does opportunity cost mean in resource use?
Answer and explanation
Correct answer: The value of the best alternative benefit forgone when one option is chosen
Resources are limited, so choosing one use means giving up at least one alternative. Opportunity cost is the value of the best alternative forgone, not every possible alternative and not merely the money paid. If a forest is used for mining, lost conservation, livelihood or ecosystem benefits may form part of the opportunity cost. Thus A states the correct economic idea.
Frequently asked questions
What is the correct answer to this question?
The value of the best alternative benefit forgone when one option is chosen
Why is this the correct answer?
Resources are limited, so choosing one use means giving up at least one alternative. Opportunity cost is the value of the best alternative forgone, not every possible alternative and not merely the money paid. If a forest is used for mining, lost conservation, livelihood or ecosystem benefits may form part of the opportunity cost. Thus A states the correct economic idea.
Which subject and chapter does this question cover?
This is a Class 11 Geography question. Chapter: Geography as a Discipline. Topic: Geography as an integrating discipline.
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