Opportunity cost is the cost of an option that must be declining in order to follow a certain action. Opportunity cost also describes the cost at a particularly. Put another way, opportunity cost can be the payback you could have acknowledged by taking an option action.
Opportunity cost is a concept used for evaluation of alternative uses of resources. Decision makers select that alternative use of resources from which they expect the maximum net return. Opportunity cost is the net return that could be obtained from the second best alternative
Cost Classification for Decision Making (Decision Making Costs): Learning objective of this article: Define, explain, and give examples of cost classifications used in making decisions: differential costs, opportunity costs, and sunk costs. Costs can be classified for decision making. Costs are important feature of