Question
The cost of the next best alternative that is foregone when a decision is made to use a resource in a particular way is called:
Solution
Opportunity cost represents the benefits sacrificed by choosing one alternative over another. It is a crucial concept in decision-making under scarcity in farm management.
More Important Agriculture Q Questions
- The fundamental economic concept that describes how output changes in response to changes in input levels is best captured by the term:
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- Ecological study of individual organism is known asÂ
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- How much more percentage of plant accommodates by Hexagonal system as compared to square system?
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