Opportunity cost is the value of the next best thing you give up whenever you make a decision.
View moreThe idea of an opportunity cost was first begun by John Stuart Mill.
View moreThe utility has to be more than the opportunity cost for it to be a good choice in economics.
View moreFor example, opportunity cost is how much leisure time we give up to work.
View moreBy choosing to go to university, your opportunity cost is losing your job and your pay check.
View moreEven though going back to university has a big opportunity cost, many people think it is a good decision because increased education gives you more job opportunities.
View moreAnd in the other words " Opportunity Cost " can be termed as cost of forgone alternatives or cost of shifting from one opportunity to the other.
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