Any value given up from the best alternative is called the .
a. accounting cost
b. opportunity cost
c. trade-off

This is known as the opportunity cost!

For example, imagine that you want to go to college and you consider UConn and UMass and UPenn. You think that UConn is the best, and you like UMass second best.

Then if you decide to go to UConn, your opportunity cost is not going to UMass.

His presidency ended with his defeat in the 1912 election by Democrat Woodrow Wilson. The Taft administration sought reductions to trade tariffs, then a major source of governmental income, but the Payne–Aldrich Tariff Act of 1909 raised rates when most people expected reductions.

President: William Howard Taft

Election: 1908