Opportunity cost - The amount of next best alternative which has been given up (scarified) in order to produce a good is called opportunity cost.
Marginal opportunity cost - The amount of other good which has been given up (scarified) in order to produce an additional unit of a good is called marginal opportunity cost.
Economy is a system in which and by which people get their living. In other words it’s a framework within which all the economic activities of a country take place.
