Discuss the concept of opportunity cost with an example
Asked by admin @ in Economy viewed by 329 People
Briefly explain the concept of opportunity cost with example
Answered by admin @
In microeconomic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice in terms of the best alternative while making a decision. ... Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice."
When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you cannot spend the money on something else.
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