1. The cost of an alternative that must be forgone to pursue a certain action, or the
benefits you could have received by taking an alternative action. 2.
Definition of opportunity cost: A benefit, profit, or value of something that must be
given up to acquire or achieve something else. Since every resource (land, ...
When economists refer to the “opportunity cost” of a resource, they mean the
value of the next-highest-valued alternative use of that resource. If, for example,
Opportunity cost refers to what you have to give up to buy what you want in terms
.... How not to calculate opportunity cost--thinking of only similar goods: What is ...
Opportunity cost definition, the money or other benefits lost when pursuing a
particular course of action instead of a mutually-exclusive alternative: The
Learn the most important concept of economics through the use of real-world
scenarios that highlight both the benefits and the costs of decisions. Opportunity ...
What is scarcity? Scarcity means ... This concept of scarcity leads to the idea of
opportunity cost. ... The opportunity cost includes both explicit and implicit costs.
Sep 13, 2016 ... You made a choice that resulted in a trade-off. Your life is the result of your past
decisions. That, essentially, is the definition of opportunity cost.
Mar 29, 2013 ... Definition: Opportunity cost is the next best alternative foregone. The fundamental
problem of economics is the issue of scarcity. Therefore we ...
Definition: Opportunity cost is the cost of not selecting the next best choice when
investing resources in an activity. Opportunity cost can be used to weigh the ...