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 ?
A total of 40% say they are sick of being hit with hidden costs, with more than half having had to fork out for charges they were not expecting when they originally booked their break.
For our farming industry to be competitive and have a sustainable future these hidden costs must be quantified and recovered in what is paid at the farm gate.
In 2004 the CEP published its largest study of these exams, "Pay Now or Pay Later: The Hidden Costs of High School Exit Exams.
Tillotson notes that the public does not recognize that its inexpensive food supply entails hidden costs in the form of the taxes they pay to support agricultural programs.
According to Global Sourcing Insights, some of the hidden costs include:
While there are very real benefits to be gained from offshore outsourcing, there are many hidden costs that can easily reduce or even negate many of these expected benefits," says Scott Noble, Co-founder and Director of Global Sourcing Insights LLC (GSI).
Using the aforementioned questions as a guide, please allow me to share the hidden costs of the new accountability for teachers and students.
TELECOMWORLDWIRE-21 April 2003-THUS highlights hidden costs of web site hosting, unveils new pricing model for Demon(C)1994-2003 M2 COMMUNICATIONS LTD http://www.
However, Rayner cautions tenants to carefully consider real estate taxes and insurance provisions in new leases, so as not to fall victim to hidden costs.
Hiler said that with each new regulation comes hidden costs to the manufacturing industry, and wit h each new cost, more firms are moving their labor offshore.
Panelists demonstrated that by finding and eliminating hidden costs, they improved their bottom lines.
Intangibles and hidden costs, such as those involved in administering the outsourcing contract and coordination efforts between internal users and the outsourcing company for upgrades, training and configuration changes.