Opportunity cost
id:
opportunity-cost-217-747577
title:
Opportunity cost
text:
In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would have been had if the second best available choice had been taken instead. The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alterna
brand slug:
wiki
category slug:
encyclopedia
description:
Benefit lost by a choice between options
original url:
https://en.wikipedia.org/wiki/Opportunity_cost
date created:
2002-03-22T20:03:50Z
date modified:
2024-09-13T00:14:38Z
main entity:
{"identifier":"Q185715","url":"https://www.wikidata.org/entity/Q185715"}
image:
fields total:
13
integrity:
15