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 ?
Former prime minister Datuk Seri Najib Razak today took Economic Affairs Minister Datuk Seri Azmin Ali to task, over his accusation that he had hidden more costs relating to the Malaysia-Singapore High Speed Railway (MYHSR) and asked if that meant that Singapore too had covered these hidden costs.
The failure to manage inventory and contain this surplus becomes the source of what we call hidden costs. These are not the typical costs like inventory carrying costs.
Outsourcing carries both measurable and hidden costs. In the best-case scenario, these hidden costs are inefficiencies in working relationships, learning curve in product transfer, or minor quality issues that require onsite source inspection to rectify.
According to The Independent, the "hidden costs" of fighting since the Taliban was ousted in 2001 reveals that the bill works out to 190 pounds for every man, woman and child in the UK - and would pay for 23 new hospitals, 60,000 new teachers or 77,000 new nurses.
A dramatic rise in insurance premiums has proven to be another hidden cost of Sarbanes-Oxley.
Now let's turn our attention to the final hidden cost of the new accountability, the journey.
But there's a hidden cost because balancing each new die uses up production time and material.
Usually the biggest hidden cost is depreciation or cost recovery.
Because Sears tries to maintain a constant flow of goods from manufacturers through Sears' distribution centers to the end consumer, home delivery represented the greatest number of hidden cost challenges, Wahl reported.
Another hidden cost exists here because some personnel must also be trained to use the additional software.
Each movement incurs a fee which fund managers are not obliged to include on total expense ratio reports - hence the hidden cost.
An estimated 490m plastic bags are used in Wales each year, virtually all 'free of charge' - but Keep Wales Tidy say the hidden cost to Welsh consumers of these bags is more than pounds 6m a year.