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Opportunity cost

Discuss Opportunity cost within the Economics forums, part of the BMM Paradise for Bachelors in Mass Media Forum category; It is a key concept in economics. Opportunity cost is the cost related to the next-best choice available to someone ...

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Akash Desai
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Opportunity cost - December 31st, 2013

It is a key concept in economics. Opportunity cost is the cost related to the next-best choice available to someone who has picked between several mutually exclusive choices.
Ex. A person who has $15 can either buy a CD or a shirt. If he buys the shirt the opportunity cost is the CD and if he buys the CD the opportunity cost is the shirt. If there are more choices than two, the opportunity cost is still only one item, never all of them.
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Jiten Mazee
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Re: Opportunity cost - January 19th, 2016

Quote:
Originally Posted by hrakash View Post
It is a key concept in economics. Opportunity cost is the cost related to the next-best choice available to someone who has picked between several mutually exclusive choices.
Ex. A person who has $15 can either buy a CD or a shirt. If he buys the shirt the opportunity cost is the CD and if he buys the CD the opportunity cost is the shirt. If there are more choices than two, the opportunity cost is still only one item, never all of them.
Very good definition akash! But if you want to learn more about this concept of opportunity cost then check my presentation. Actually, all economic queries and issues arise from shortage. Economics presumes people don't have the assets do fulfill all of their wishes.
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