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What do you mean by opportunity …

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What do you mean by opportunity cost ?

Posted by Sunil Choudhary 3 years, 5 months ago

CBSE > Class 11 > Economics

3 answers

Aditya Kumar 3 years, 5 months ago

Opportunity cost is the cost of next best alternative foregone.

0Thank You

Yogita Ingle 3 years, 5 months ago

A benefit, profit, or value of something that must be given up to acquire or achieve something else. Since every resource (land, money, time, etc.) can be put to alternative uses, every action, choice, or decision has an associated opportunity cost.

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

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Saksham Dixit 3 years, 5 months ago

Cost of next best alternative forgone is opportunity cost

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CBSE > Class 11 > Economics