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.
Collins Dictionary of Sociology, 3rd ed. © HarperCollins Publishers 2000
References in periodicals archive ?
According to Chua, the economic cost of alcohol consumption include the opportunities lost due to alcohol-related death, sickness or injury, as well as social cost due to the abuse caused by a drunk person.
Economic Costs of European Weather Events in June Top $2B: Aon Report
However, due to relatively low flood insurance take-up, a sizable portion of the economic cost was probably uninsured.
On average, the economic cost of natural disasters was 2.8-3.6 per cent of the GDP value each year.
As research data to estimate the economic cost of stroke, insurance claim data generated during 2015 in Korea showing for the number of inpatient or outpatient visits to medical institutions were used.
Economic cost of transportation, referring to vehicle operating cost and time cost spent by drivers and passengers along the road network in Metro Manila, was assessed under JICA's Follow Up Survey on the Roadmap for Transport Infrastructure Development for Greater Capital Region (2017).
Jica defined the economic cost of transportation as the combination of vehicle operating costs as well as the time cost spent by drivers and passengers along Metro Manila's road network.
The ADA's recent "Economic Costs of Diabetes in the U.S.
by ONADuqm Refinery is one of the largest projects in the region in terms of economic cost estimated at $8 billion.
Summary: Minister of State for Women's Affairs Jean Ogasapian Monday launched a project to estimate the economic cost of violence against women in Lebanon.
For the sake of debate let us accept for a moment that a settlement would have a big economic cost. This raises the following question: because the solution involves an economic cost, do we prefer partition?
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