Opportunity cost is whatever you pass up by choosing an option. In economics, everything comes at the cost of something else, ...

Today, on my way to the office in Patna, the capital of India’s poorest state, Bihar, a crowd by the service road caught my ...

Pete Rathburn is a copy editor and fact-checker with expertise in economics and personal finance and over twenty years of experience in the classroom. Opportunity cost represents the potential ...

The White House Office of Management and Budget is quietly proposing to phase out from federal regulatory analysis one of the most important concepts in economics: opportunity cost. Opportunity ...

Opportunity cost in economics is defined as “what you have to give up to buy what you want, in terms of other goods and services”. It also means “the foregone benefit that would have been ...

but these two terms have different meanings in economics. A trade-off is what you have to expend in order to pursue an option, while an opportunity cost is what you miss out on by not pursuing a ...