ECO-Opportunity cost, page 17-18
Opportunity cost is the cost of an alternative that must be forgone in order to pursue a certain action. It is an important factor to consider when making decisions, as it can help to identify the most cost-effective option.
Opportunity cost can be both monetary and non-monetary. Monetary costs include the direct costs associated with a decision, such as the cost of materials or labor. Non-monetary costs include the indirect costs associated with a decision, such as the time and effort required to complete a task.
Opportunity cost can also be used to compare different options and determine which one is the most beneficial. By taking into account the opportunity cost of each option, decision makers can make informed decisions that maximize their return on investment.
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