Definition of opportunity cost?
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Posted by Anurag Jaiswal 7 years ago
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Cbse Student 7 years ago
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Yogita Ingle 7 years ago
Opportunity costs are fundamental costs in economics, and are used in computing cost benefit analysis of a project. Such costs, however, are not recorded in the account books but are recognized in decision making by computing the cash outlays and their resulting profit or loss. Opportunity cost is the value of a factor in its next best alternative use. In other words, the opportunity cost of any commodity is the amount of other good which has been given up in order to produce that commodity.
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