Select the answer that best describes what an opportunity cost is? a. the amount of money you put into your savings each year. b. the trade-off of making one choice and giving up a different choice. c. the benefit you gain by choosing one option versus another. d. the amount of money a business makes every year from sales.

B. The trade-off of making one choice and giving up a different choice.

Explanation:

Opportunity cost is the worth of the option forgone. It is also called the alternative forgone or real cost. It is a concept that arises as a result of the unlimited wants that cannot be satisfied with the limited resources available.

For example, a man who has $1 million dollars can but a home for $900,000 which makes it impossible for him to buy a car of $500,000 because he has just $1 million. The cost of the car that was not purchased is the opportunity cost in this.

Hence the right option is B. The trade-off of making one choice and giving up a different choice.

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