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- DictionaryOp·por·tu·ni·ty cost
noun
- 1. the loss of potential gain from other alternatives when one alternative is chosen: "idle cash balances represent an opportunity cost in terms of lost interest"
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What is opportunity cost?
What are the concepts of scarcity choice and opportunity cost?
How do opportunity costs affect the choices people make?
What is the difference between opportunity cost and total cost?
Jun 20, 2023 · Opportunity cost is defined by the following: The opportunity cost is the value of the best forgone alternative. This definition emphasizes that the cost of an action includes the monetary cost as well as the value forgone by taking the action.
an opportunity cost is defined as a cost of the next best alternative. Later at. 2:27. this is confirmed in the example, and solved as implicit cost of the example. The sum of explicit and implicit (opportunity) costs is called a total cost in this example.
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Sep 21, 2020 · Opportunity cost is the value of the best opportunity forgone in a particular choice. It is not simply the amount spent on that choice. The concepts of scarcity, choice, and opportunity cost are at the heart of economics.
The idea behind opportunity cost is that the cost of one item is the lost opportunity to do or consume something else; in short, opportunity cost is the value of the next best alternative. Since people must choose, they inevitably face trade-offs in which they have to give up things they desire to get other things they desire more.
May 14, 2018 · Simply stated, an opportunity cost is the cost of a missed opportunity. It is the opposite of the benefit that would have been gained had an action, not taken, been taken — the missed opportunity. This is a concept used in economics.
Opportunity cost is the value of the best opportunity forgone in a particular choice. It is not simply the amount spent on that choice. The concepts of scarcity, choice, and opportunity cost are at the heart of economics.
Oct 12, 2022 · In short, opportunity cost is all around us. The idea behind opportunity cost is that the cost of one item is the lost opportunity to do or consume something else; in short, opportunity cost is the value of the next best alternative.
