What is opportunity cost

the loss of other alternatives when one alternative is chosen.

Explanation:

the loss of other alternatives when one alternative is chosen.

Opportunity cost is the loss or the benefit that could have been enjoyed if the alternative choice was chosen.

Explanation:

As a representation of the relationship between scarcity and choice, the objective of opportunity cost is to ensure efficient use of scarce resources. It incorporates all associated costs of a decision, both explicit and implicit. Opportunity cost also includes the utility or economic benefit an individual lost, it is indeed more than the monetary payment or actions taken. As an example, to go for a walk may not have any financial costs imbedded to it. Yet, the opportunity forgone is the time spent walking which could have been used instead for other purposes such as earning an income.

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