The value of the next best alternative given when a chose is made.
The expense of writing the proposal to get that construction project with the city will be recorded as an "opportunity cost"
The value of what a person or economy give up to get something else :)
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Opportunity cost is what you give up in order to get something else. Paying money is the opportunity cost for ice cream for example.
Opportunity cost or real cost.
In the economical term opportunity cost means the best next alternative forgone
The economic term for what you lose when using resources for something else is known as opportunity cost.
The economic term for the cost of a choice is the opportunity cost.
Opportunity cost is what you give up in order to get something else. Paying money is the opportunity cost for ice cream for example.
Opportunity cost or real cost.
In the economical term opportunity cost means the best next alternative forgone
The economic term for what you lose when using resources for something else is known as opportunity cost.
The economic term for the cost of a choice is the opportunity cost.
Opportunity Cost.
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
What you sacrifice for a decision is one of the non-monetary costs of many choices
the value of what a person or economy gives up to get something else
Opportunity cost is defined as the cost of any activity measured in terms of the best alternative activity which is forgone. For instance, if you're choosing between 4 stocks, chose stock 1 and all 4 stocks go up, but stock 3 rises the most, you measure your opportunity cost against ONLY stock 3. So the opportunity cost in this case would be the BEST alternative.
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
The economic term for what you lose when using resources for something else is known as opportunity cost.