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?

Question

Social Studies

Darren Gallegos

27 April, 10:36

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)

Know the Answer?

Madisyn Alvarez · 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.