What is the concept of opportunity cost?

6 months ago - 3 answers

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Opportunity cost is a life concept that determines the real cost of a decision, project or an item in relation to another. It identifies the cost of an item, for example, to be equal to the value of the other item that you have to forego in order to have the first item. In simple explanatory term, if you could have either coke or pepsi, the real cost of having a pepsi is the coke you have to do without.

6 months ago

Other Answers

is there a reason you can't google that? or look in your text book?

by Caren - 6 months ago

I hear the term lately used to describe the up-front cost to some MLM business scheme.

by Jake - 6 months ago