opportunity cost
Opportunity cost refers to the potential benefit or value that is foregone when choosing one option over another, also known as the next best alternative. It reflects the cost of the opportunities or benefits that could have been gained by choosing a different course of action.
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Related Concepts (1)
Similar Concepts
- cost optimization
- economic efficiency
- economic opportunity
- economic value
- educational opportunities
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- equality in opportunities
- equality of opportunity
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- opportunity availability
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