opportunity costs

opportunity costs the opportunity cost of any given action or decision is typically defined as the value of the forgone alternative action or decision. that is, opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen. in economics, opportunity cost represents the relationship between scarcity and choice. it incorporates all associated costs of a decision, both explicit and implicit. opportunity costs are a major concept in economics and the key distinction between economic costs and accounting costs. accounting costs are the monetary costs recorded on the books, whereas economic costs include accounting costs plus opportunity costs. indirect or non-monetary costs that are taken into consideration for calculating economic costs but not for calcu...

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