Oppotunity Cost

The oppotunity cost of a good or an activity is the foregone benefit of the next best alternative.

Example:

The oppotunity cost of growing carrots on an allotment instead or growing cabbage.

A scarce resource is one with a positive oppotunity cost.

A free resource is one with a zero oppotunity cost.

E.g. Oxygen.

An economics resource is…