What is opportunity cost?Explain the word \'Scarcity\'.

1.	What is opportunity cost?Explain the word \'Scarcity\'.
Answer» opportunity cost refer to benefit that a person could have received but gave up to another course of action means the cost of next best alternative for the proper definition for opportunity cost is there is always a cost of having a little more of one good in terms of amount of other goods that has to be for this is the opportunity cost.Scarcity is one when the demand of something is higher than its supply.Demand>supply<br>Scarcity: It is the situation where the supply of resources is less compared to the demand of resources<br>Scarcity: it refers to the basic economic problem , the gap between limited - that is scarce- resources and theoretically limitless wants.<br>Opportunity cost: a benefit , profit or value of something that must be given up to acquire or achieve something else.

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