Which of the following statements accurately reflect the concept of opportunity cost in economic decision-making? Select all that apply.

Opportunity cost is the idea that when you make a choice, you give up something else that could have been valuable. For example, if you decide to spend your Saturday working at a part-time job instead of going to a concert with friends, the opportunity cost is the fun and enjoyment you would have had at the concert. This concept helps people understand that every decision has trade-offs, meaning choosing one option often means missing out on another. In economic decision-making, recognizing opportunity costs helps individuals and businesses make smarter choices by considering what they are sacrificing. Therefore, any statement that highlights the value of what is given up when choosing one option over another accurately reflects the concept of opportunity cost.