What is the opportunity cost used for?

Opportunity cost is used for understanding what alternative must be given up and which alternative must be chosen. It helps businesses, investors, and individuals to understand which potential benefits have to be foregone. Opportunity costs help in deciding how to use scarce resources efficiently. It is a relationship between choice and scarcity. You can read about the Indian Economy Notes For UPSC Preparation in the given link.

Further readings:

  1. Bad Banks – Idea Proposed Due to COVID-19
  2. Cashless Economy in India – UPSC GS-III Notes

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