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date: 30 September 2023

opportunity cost 

Source:
A Dictionary of Economics
Author(s):

Nigar Hashimzade,

Gareth Myles,

John Black

The cost of something in terms of an opportunity forgone. Opportunity cost is given by the benefits that could have been obtained by choosing the best alternative opportunity. For example, for a farmer the opportunity cost of growing wheat is given by what they would have earned if they had grown barley, assuming barley is the best alternative. ... ...

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