When the citizens of Hamilton County, Ohio, decided to raise their taxes to fund two new sports stadiums rather than to raise taxes for something like improving the educational system in the county, they missed a chance to improve the educational system. What is this known as?

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Social Studies

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2 February, 16:52

When the citizens of Hamilton County, Ohio, decided to raise their taxes to fund two new sports stadiums rather than to raise taxes for something like improving the educational system in the county, they missed a chance to improve the educational system. What is this known as?

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Answers (1)

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Carlee · Answer 1

The correct answer is : An opportunity cost

Explanation:

It has to do with the cost of spending your time and energy on one thing, instead of another thing. It refers to the profit lost when one option is chosen over another. It is useful to examine all reasonable alternatives before making an important decision. This concept can also be used and applied to solve a short-term, nonroutine decision problem.