Opportunity cost can be defined as – Opportunity cost is also known as

Opportunity cost can be defined as – Opportunity cost is also known as

Opportunity cost can be defined as – Opportunity cost is also known as; Opportunity cost is an economics term that refers to the value of what you have to give up in order to choose something else.For example, you have $1,000,000 and choose to invest it in a product line that will generate a return of 5%

Opportunity cost is the value of what you lose when choosing between two or more options. Every choice has trade-offs, and opportunity cost is the potential benefits you’ll miss out on by choosing one direction over another.

Why does opportunity cost matter?

Understanding opportunity cost can help you make better decisions. When you fully understand the potential costs and benefits of each option you’re weighing, you can make a more informed decision and be better prepared for any consequences of your choice.