Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
Opportunity Cost
B
Marginal Cost
C
Total Cost
D
Sunk Cost
Understanding the Answer
Let's break down why this is correct
Answer
The concept that best describes the cost of allocating more resources to healthcare instead of education is called "opportunity cost. " Opportunity cost refers to what you give up when you make a choice. In this case, by choosing to invest more money and time in healthcare, the country is missing out on the benefits that could have come from improving education, such as a more skilled workforce. For example, if the government spends money on building new hospitals, it cannot use that same money to build new schools or hire more teachers. This means that while healthcare might improve, the potential advancements in education and their long-term benefits are sacrificed.
Detailed Explanation
Opportunity cost is what you give up when you make a choice. Other options are incorrect because Marginal cost is about the cost of producing one more unit of something; Total cost looks at all expenses involved.
Key Concepts
Opportunity Cost
Resource Allocation
Trade-offs
Topic
Opportunity Cost Analysis
Difficulty
hard level question
Cognitive Level
understand
Ready to Master More Topics?
Join thousands of students using Seekh's interactive learning platform to excel in their studies with personalized practice and detailed explanations.