Opportunity cost - Revision history

John P at 10:36, 28 October 2013

2013-10-28T10:36:51Z

Albert at 23:11, 30 January 2013

2013-01-30T23:11:19Z

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Albert at 12:21, 7 December 2012

2012-12-07T12:21:37Z

John P at 12:33, 14 November 2012

2012-11-14T12:33:24Z

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2012-11-14T12:32:03Z

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John P: /* Related subjects */

2012-11-14T12:28:28Z

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 [[Category:Economic]]
-'''Opportunity cost''' is a central concept in economics. It can be defined as any activity measured in terms of the value of the next best alternative foregone (that is not chosen). "It is the sacrifice related to the second best choice available to someone, or group, who has picked among several mutually exclusive choices"<ref name="ftn101"> [[wikipedia:opportunity cost|source: wikipedia]]</ref>. The concept of opportunity cost allows economists "to value the human, physical and financial resources that will be 'freed up' for potential alternative uses", for example when a crime is prevented<ref>Brand, S. and R. Price (2000). ''The economic and social costs of crime''. Home Office Research Study 217.</ref>.
+'''Opportunity cost''' is a central concept in economics. It can be defined as any activity measured in terms of the value of the next best alternative foregone (that is not chosen). "It is the sacrifice related to the second best choice available to someone, or group, who has picked among several mutually exclusive choices"<ref name="ftn101"> [[wikipedia:opportunity cost|source: Wikipedia]]</ref>. The concept of opportunity cost allows economists "to value the human, physical and financial resources that will be 'freed up' for potential alternative uses", for example when a crime is prevented<ref>Brand, S. and R. Price (2000): The economic and social costs of crime. Home Office Research Study 217.</ref>.
 == Relevance for urban planner ==

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 '''Opportunity cost''' is a central concept in economics. It can be defined as any activity measured in terms of the value of the next best alternative foregone (that is not chosen). "It is the sacrifice related to the second best choice available to someone, or group, who has picked among several mutually exclusive choices"<ref name="ftn101"> [[wikipedia:opportunity cost|source: wikipedia]]</ref>. The concept of opportunity cost allows economists "to value the human, physical and financial resources that will be 'freed up' for potential alternative uses", for example when a crime is prevented<ref>Brand, S. and R. Price (2000). ''The economic and social costs of crime''. Home Office Research Study 217.</ref>.
-==Related subjects==
-* [[Economic effects of security measures|The economic effects of crime and terrorism]]
-* [[Economic effects of anti-crime security measures|Cost of crime migitation]]
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