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Discussion: opportunity costReported This is a featured thread

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sadza
opportunity cost
Feb 19 2009, 10:01 AM EST | Post edited: Feb 19 2009, 10:01 AM EST
How do you explain the concept of opportunity cost using PPC Do you find this valuable?    
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Rinaldho
Rinaldho
1. RE: opportunity cost
Feb 21 2009, 12:35 PM EST | Post edited: Feb 21 2009, 12:35 PM EST
Opportunity Cost is defined as "the cost of the next best opportunity foregone"

Basically this means what you give up by choosing to make an economic decision... e.g. If you go on holidays to Australia, you give up the opportunity of buying a car...

Hope this helped

Cheers Do you find this valuable?