What is the relevance of the concept of Opportunity Cost to the economies of West African countries?
The concept of opportunity cost is relevant to the Economies of West African Countries. The concept emphasizes the basic problem of choice which is the core of the subject matter of Economics as a result of the limited available resources vis-a-vis unlimited human wants. Since every economic problem involves choice and every choice involves opportunity cost, therefore, opportunity cost is relevant to the economies of West African countries. Also, the concept is relevant because it involves allocation of scarce resources to pressing areas of need. It also shows that every activity involves a sacrifice whether on the side of an individual, a firm or a government.
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