What is the economic term for what you lose when using resources for something else?

Question

asked Oct 9, 2017 42.5k views

1 Answer

GrahamJRoy · Answer 1 · 2017-10-13T04:26:22+0000

The economic term for this is "opportunity cost".

Opportunity cost is the cost of the options that one is not choosing. This means that if one has to choose between A and B, opportunity cost is the cost of "giving up B" when one chooses A.

What is the economic term for what you lose when using resources for something else?

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

Please log in or register to add a comment.

No related questions found

Categories

Other Questions