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opportunity cost
(redirected from Economic cost)

   Also found in: Medical, Financial, Encyclopedia, Wikipedia 0.06 sec.

opportunity cost

In economics, that which has been forgone in order to achieve an objective. A family may choose to buy a new television set and forgo their annual holiday; the holiday represents the opportunity cost.

In decision-making, economists prefer to look at the opportunity cost because it requires a rational approach (all alternatives are examined), whereas an accountant's view of cost is more concerned with the way in which money is spent and the profit or loss that results.


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? Mentioned in ? References in periodicals archive
 
In 2000, the total economic cost of traffic fatalities was approximately $230.
The economic cost and the moral cost of freedom would be far less than that of government intervention.
``The economic cost to the nation in lost productivity and wasted motor fuel caused by traffic congestion is expected to grow from $67.
 
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