You decide to join the economics club, but this means you can't join the accounting club because it meets at the same time. Which economic principle does this statement best represent?

The concept her is "the real cost of something is what you must give up to get it"

Explanation:

As we come across trade-offs it is a necessary to make decisions on the next best alternatives which is the principle of opportunity cost.

Opportunity cost is the benefits and advantages that a business entity or an individual loses on choosing one alternative decision over the other. It is calculated with the help of the following formulas,

Or,

In economical terms, choices are measured in terms of opportunity costs.

answer2/345y

explanation:

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