What is what must be given up to obtain an item is called?

The concept of giving up something in order to obtain another item is referred to as opportunity cost. It is the value of the next best alternative that must be forfeited in order to take advantage of a certain opportunity. In other words, it is the cost of choosing one option over another.

Opportunity cost is a fundamental economic concept that highlights the trade-offs individuals and businesses must make when making decisions about how to allocate scarce resources. By understanding the opportunity cost of a decision, individuals and businesses can make more informed choices and maximize their utility or profit.