Difference between revisions of "Opportunity cost"
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| − | '''Opportunity cost''' is the cost of 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 costs|source: wikipedia]] |
+ | '''Opportunity cost''' is the cost of 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 costs|source: wikipedia]]</ref> |
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Revision as of 19:34, 1 March 2012
Opportunity cost is the cost of 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[1]
