Solution By Steps

Step 1: Understand the Concept of Opportunity Cost

Opportunity cost refers to the value of the next best alternative that is foregone when making a decision. It involves considering what you give up when you choose one option over another.

Step 2: Analyze the Options

Making choices and dealing with consequences: This is related to decision-making but does not specifically address the concept of opportunity cost.

Choosing consequences over rewards: This does not accurately describe opportunity cost.

Reviewing past decisions and changing them: This is more about hindsight and adjustments rather than opportunity cost.

Minimizing profit and loss: This is related to financial management but not directly to opportunity cost.

Step 3: Identify the Correct Option

The correct option should involve the idea of making a choice and considering what is sacrificed as a result.

Final Answer

Making choices and dealing with consequences.