Sunday, July 6, 2008

Concept of Opportunity Cost

Reading for an hour means giving up fishing


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)


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 .