opportunity cost

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opportunity cost

the opportunities foregone in undertaking one activity measured in terms of the other possibilities that might have been pursued using the same expenditure of resources. While opportunity cost is mainly a concept in economics, it also applies more generally to human existence. For example, given the finitude of time in the human life-span and the impossibility of doing many activities more than one at a time or other than in one-to-one interactions, opportunity costs are involved in many human activities, not only those in which economic resources are involved.
References in periodicals archive ?
The hidden costs of farming revealed in a new survey published this week will come as no surprise to farmers.
The other hidden cost for soldiers and their families "is a demand that they surrender self-determination to the institution.
Another major hidden cost has been the loss of the benefits of recess and outdoor play to the total development of each student.
By understanding the hidden costs at retail and today's customer, we utilize product development and manufacturing technology to reduce hidden cost and improve retail profitability.
For this reason, human factors must be considered in terms of hidden costs.
While the problem directly costs business pounds 5billion a year in lost productivity, the hidden cost to the economy in stress, disruption of family life and staff turn-over is clearly even greater.
One further hidden cost may be that of working with a single investor, perhaps most common with smaller issues.
Graw said he does not know about the specifics of the Hollywood project, but he discovered the overall problem of hidden cost escalations when he joined the agency in October 1995.
There will also be the hidden cost in manpower to implement the administrative details of the bill both by the city and the private sector.
Many networking managers don't want that to happen, however, because it takes a hidden cost that the business units have to pay and turns it into a known cost that the networking or IT department has to pay," said Mr.
But a hidden cost would be that if the men get a football team, COC would have to add a women's sports team.
Enterprise businesses are realizing the hidden cost of their remote workforce and the ramifications that result when corporate security policies are not uniformly and consistently applied to all end users, regardless of where and when they access the Internet," said Paul Myer, president and COO at 8e6 Technologies.