the money or other benefits lost when pursuing a particular course of action instead of a mutually-exclusive alternative: The company cannot afford the opportunity cost attached to policy decisions made by the current CEO.
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, ...
DEFINITION of 'Opportunity Cost'. 1. The cost of an alternative that must be
forgone in order to pursue a certain action. Put another way, the benefits you
the money or other benefits lost when pursuing a particular course of action
instead of a mutually-exclusive alternative: The company cannot afford 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....
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,
the added cost of using resources (as for production or speculative investment)
that is the difference between the actual value resulting from such use and that of
Mar 29, 2013 ... Definition: Opportunity cost is the next best alternative foregone. The fundamental
problem of economics is the issue of scarcity. Therefore we ...
Opportunity cost is defined as the value of something that is lost because you
choose an alternative course of action. The opportunity cost of going to college is