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 ?
Cost of installation, maintenance requirements, downtime caused by early failure and replacement are all hidden costs which can add up when a budget component is specified.
Premium rate phone numbers for customer helplines will be outlawed Ban firms from using pre-ticked boxes on websites to sting customers with hidden costs Deliveries will have to be made within 30 days, rather than a "reasonable period of time" Traders will have to extend their cancellation period from seven to 14 days
Macmillan chief executive Ciaran Devane said: "Clothing is one of a number of hidden costs cancer patients are burdened with.
It has to be said, however, that the hidden costs of implementing EU regulations are probably incalculable.
"The hidden costs of inaccurate bills and inefficient energy use are often overlooked, as are the value of energy management and effective procurement.
And there are no hidden costs - you'll only pay your standard text rate.
These hidden costs of educating children is too much for families on low incomes, according to the End Child Poverty Network.
`Well done Tony,' some may applaud,as the reason for war is quietly being put to bed and the waters muddied,but I'm afraid there are hidden costs you will have to pay.
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.m2.com
These exposures, which can cost a lender millions of dollars in clean-up costs, are now under the microscope of wary investors dissecting financial statements for "accounting tricks" and "hidden costs."
The league went on to claim that many of the offers received by e-mail could be fraudulent and that consumers should watch out for offers of easy money, cheap prices or free services with potential hidden costs.
To get the most from your search for online treasures, you need to know how to evaluate a shopping site, root out hidden costs that could affect your experience and get good customer service.