opportunity cost

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Related to Economic cost: opportunity cost, Total cost, Economic Profit, Accounting cost

opportunity cost

n. Economics
The net value or utility of the most desirable alternative to a projected course of action.

opportunity cost

n
(Economics) economics the benefit that could have been gained from an alternative use of the same resource

opportunity cost

The benefit that is sacrificed by choosing one course of action rather than the next best alternative, e.g. the opportunity cost sacrificed in building a road might be use of the land for farming.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.opportunity cost - cost in terms of foregoing alternatives
cost - the total spent for goods or services including money and time and labor
capital cost, cost of capital - the opportunity cost of the funds employed as the result of an investment decision; the rate of return that a business could earn if it chose another investment with equivalent risk
carrying cost, carrying charge - the opportunity cost of unproductive assets; the expense incurred by ownership
References in periodicals archive ?
The two components of full economic cost alluded to in most opportunity cost discussions-direct cost, and indirect cost of a forgone opportunity-happen to already be well represented by other existing textbook terms, explicit and implicit costs.
He added that the enormous economic cost of the current outbreak to the affected countries and the world "could have been avoided by prudent ongoing investment in strengthening health care systems.
According to a recent report from the National Highway Traffic Safety Administration, the annual economic cost of crashes is $277 billion or nearly $900 for each person living in the U.
The total economic cost of disasters in the first six months was USD44bn, of which natural events made up USD41bn, said Swiss Re, considered to be the world's second-biggest re-insurer.
The Cabinet Committee on Economic Affairs has approved, that subject to availability of foodgrains in the Central Pool, allocation of foodgrains for festivals and natural calamities to States/ Union Territories (UTs) will be made at Minimum Support Price (MSP) and MSP derived prices for wheat and rice respectively, and at economic cost for any other additional foodgrains requirement of the States/UTs.
The total economic cost of the 2011 Tohoku earthquake and tsunami is estimated at $214bn
The organization, New Futures, in January released the findings of a report that detailed the economic cost of excessive alcohol consumption in New Hampshire.
The full report, "The Global Economic Cost of Cancer," is online at www.
The alarming figures do not include direct medical costs, which would further increase and possibly double the total economic cost of cancer.
Previous estimates that the economic cost of alcohol abuse is $511 million per year (Barkey, 2009) do not include costs from alcohol-related crashes with injuries.
In 2000, the total economic cost of traffic fatalities was approximately $230.
The recent Stern report has shown that economic cost of climate inaction will be far more than the cost of immediate action.

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