Opportunity Cost

By - Tay Joiner

Opportunity Cost $$

the loss of potential gain from other alternatives when one alternative is chosen.

I'm about to Inform you on Opportunity Cost

opportunity cost of a choice is the value of the best alternative forgone in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice".

How does it help us?

If we run out of something in the future the government or the company will make a alternative to support the loss of the other item and choice which is better for the people that buy this item.

Citations

"Http://en.wikipedia.org/wiki/Opportunity_cost." N.p., n.d. Web.


"Calculate-Opportunity-Cost-Step."Http://pad2.whstatic.com/images/thumb/f/fb/Calculate-Opportunity-Cost-Step-1.jpg/670px-Calculate-Opportunity-Cost-Step-1.jpg. N.p., n.d. Web.