Sunday, July 6, 2008

Concept of Opportunity Cost



Reading for an hour means giving up fishing

(Source: http://www.nvcc.edu)

Opportunity cost is the sacrifices made (in terms of pleasure sacrificed from doing next best alternative action) by taking up the first best choice.


Richa Shukla

(Globsyn Business School)

2 comments:

Arunava said...

well thats a very good & easy example of opportunity cost...

Sunil said...

Thanks ! Richa Mam , there is no other example for Opportunity Cost then this .