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What does the economic term opportunity cost mean

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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 ... Opportunity costs are fundamental costs in economics, and are used in ...
In microeconomic theory, the opportunity cost, also known as alternative cost, is the value (not a ... Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice.
When economists use the word "cost," we usually mean opportunity cost. ... Because of scarcity, every time we do one thing we necessarily have to forgo doing ... Specifically, explanation of the economic meaning of "There ain't no such thing ...
Mar 29, 2013 ... Definition: Opportunity cost is the next best alternative foregone. ... cost of spending all day watching TV, is that you are not able to do any study ...
Learn the most important concept of economics through the use of real-world scenarios that ... Opportunity Cost: Definition, Calculations & Examples .... but we all make different decisions about what we do, what we choose to buy, and how we ...
Opportunity cost is the cost of an economic choice in terms of what was chosen ... You decide to spend $80 on some great shoes and do not pay your electric bill. ... With these examples you can see what opportunity cost means and how it can ... For example, above, The opportunity cost of writing the term paper is $80, the ...
Opportunity cost is an important economic concept that finds application in a ... costs of college, but they by no means provide an all-inclusive list of costs. ... do not appear on a balance sheet or income statement, opportunity costs are real.
What does opportunity cost mean in finance? ... For an illustration of the broader financial implications of this concept see the entry ECONOMIC VALUE ADDED.
Opportunity cost is a term used in economics, to mean the cost of something in ... This can lead to considerable difficulty in the case of alternatives that do not ...
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