The forgoing or losing of other alternatives in order to obtain the alternative we have chosen is called_______________

The forgoing or losing of other alternatives in order to obtain the alternative we have chosen is called opportunity cost. Opportunity cost refers to the value of the next best alternative that is sacrificed when making a decision. This concept is fundamental in economics and decision-making as it emphasizes the idea that every choice has a cost, which can be in terms of time, resources, or other opportunities.

When you choose one option over another, the benefit you could have received from the foregone option represents your opportunity cost. For example, if you decide to spend time studying for an exam rather than going out with friends, the opportunity cost is the enjoyment and experiences you miss by not going out. Understanding opportunity costs can help individuals and businesses make more informed decisions by considering the potential benefits of alternatives they are giving up.