The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of opportunity cost. Therefore, the option B holds true.
An opportunity cost can be referred to or considered as the cost undergone by an individual to engage in only one economic activity out of the available alternatives due to scarcity of resources, such as capital and time.
Therefore, the option B holds true and states regarding the significance of an opportunity costs.
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The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of:__________
A. Scarcity of resources
B. Opportunity cost
C. Economic scarcity
D. Replacement cost
