Question

choosing one option over another and giving up the next best alternative is called: a. scarcity b. entrepreneurship c. opportunity cost d. service trade the reward for taking the risk of starting a business is: a. goods b. scarcity c. venture d. profit a person who takes risks to start a business for profit is: a. scarcity manager b. entrepreneur c. service provider d. government official

Explanation:

1. Opportunity cost is defined as the value of the next - best alternative forgone when making a decision. So choosing one option over another and giving up the next best alternative is opportunity cost.
2. The reward for taking the risk of starting a business is profit. Profit is the financial gain that results from business activities after deducting all costs.
3. An entrepreneur is a person who takes risks to start a business for profit. They identify opportunities, organize resources, and bear the uncertainties of business operations.

Answer:

1. C. Opportunity cost
2. D. Profit
3. B. Entrepreneur