Opportunity cost
Opportunity cost is defined by Case and Fair as (1999, pg. 03) ?that which we give up, or forgo, when we make a choice or a decision.? The article states that ?opportunity cost measures the cost of any economic choice in terms of the next best alternative forgone.? It is important to note that this definition refers to the best alternative forgone, not the top three alternatives or top five. Opportunity cost is solely concerned with the result of making a particular decision and the impact that choice will have. Making what may be considered to be the right decision at the time is based various criteria, some of which will be influenced by personal values and experiences.
?When we are considering the opportunity costs of decisions we make, we must use the highest-valued alternative that has had to be sacrificed for the
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