"...Choosing to fund the new light rail system in Westmorland meant that the proposed funding for affordable housing units in the district had to be shelved, clearly illustrating the opportunity cost of local authority resource allocation..."
Define the term 'opportunity cost' with reference to Extract C (line 3).
123 exam-style questions on AQA A Level Economics 1.1 Economic methodology and the economic problem, covering 1.1.1 Economic methodology, 1.1.2 The nature and purpose of economic activity, 1.1.3 Economic resources, 1.1.4 Scarcity, choice and the allocation of resources, and 1.1.5 Production possibility diagrams. Each one has a worked solution and a mark scheme showing where the marks go.