When evaluating opportunity costs in the context of moving resources from producing good Y to good X, which of the following statements are true? Select all that apply.

When we talk about opportunity costs, we are looking at what we give up when we choose to produce one good over another. For example, if a factory decides to use its machines to make more toy cars (good X) instead of toy trains (good Y), the opportunity cost is the number of toy trains that could have been made instead. This means that by focusing on good X, the factory has to accept that it is missing out on producing good Y. So, when evaluating opportunity costs in this situation, we must consider both the benefits of making more of good X and the value of the good Y that is not being produced. Understanding these trade-offs helps us make better decisions about how to use our resources effectively.