How is opportunity cost related to scarcity?

Opportunity cost is the highest benefit foregone. If something is not scarce, there is no opportunity cost to using it because there are plenty available for free to be used in other ways. read more

Opportunity cost is the highest benefit foregone. If something is not scarce, there is no opportunity cost to using it because there are plenty available for free to be used in other ways. The scarcer something is the dearer it is, the dearer something is the higher the opportunity cost of using it. That's a quick, rough answer. read more

An opportunity cost is simply the TOTAL of all the things traded for something. This is a broad concept. Opportunity cost includes more than just the monetary cost (money) of something. read more

Scarcity and opportunity cost represent two interlinking concepts in economics as companies must often choose among scarce resources. In most cases, economic resources are not completely available at all times in unlimited numbers, so companies must make a choice about which resources to use during production. read more