an ""opportunity cost"" may be described as 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, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else.
Opportunity cost is frequently referred to as the second-best option. The loss of gain that would have been realised if a different option had been chosen is sometimes referred to as the alternative cost. The loss of benefit as a result of a change in choice is another way to explain it.
Opportunity cost is frequently referred to as the second-best option. The loss of gain that would have been realised if a different option had been chosen is sometimes referred to as the alternative cost. The loss of benefit as a result of a change in choice is another way to explain it.
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