2. In economics, what is the opportunity cost? a) The cost of produang one additional unit b) The total cost of production c) The cost of the next best alternative fo d) The cost of raw material

Opportunity cost, often illustrated through fun examples like choosing between pizza or sushi for dinner, refers to the value of the next best alternative foregone when making a decision. So, if you choose pizza, the sushi experience you miss out on becomes your opportunity cost! In real-world situations, opportunity cost plays a crucial role in everyday choices, whether it's deciding between spending money on a concert ticket or saving for a vacation. Understanding opportunity cost helps individuals and businesses make informed decisions that align with their long-term goals and preferences, ensuring that resources are allocated efficiently.