When new and better methods of producing all goods and services exist discovered or when the number of capital increases our economy grows comma but we still face scarcity and opportunity cost.
The value or benefit forfeited by engaging in a specific activity in comparison to engaging in a different activity is known as the opportunity cost of that activity. Simply put, it means that if you choose one activity, you forfeit the chance to do another.
The value of what you must give up in order to pick something else is referred to as opportunity cost in economics. It is, in a nutshell, the worth of the path not travelled. When weighing several investments or business opportunities, opportunity cost is defined as the potential gain lost by choosing an alternative course of action.
Hence, When new and better methods of producing all goods and services exist discovered or when the number of capital increases our economy grows comma but we still face scarcity and opportunity cost.
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