Opportunity Cost

Opportunity Cost

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Description

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen). It is the sacrifice related to the second best choice available to someone, or group, who has picked among several mutually exclusive choices. The opportunity cost is also the cost of the forgone products after making a choice. Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice." The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently. Thus, opportunity costs are not restricted to monetary or financial costs: the real cost of output forgone, lost time, pleasure or any other benefit that provides utility should also be considered opportunity costs.show more

Product details

  • Paperback | 64 pages
  • 152 x 229 x 4mm | 104g
  • Polic
  • United States
  • English
  • black & white illustrations
  • 6136224208
  • 9786136224206