Define opportunity cost

Opportunity cost is the next best alternative forgone when a choice is made. If one had a choice of buying product A and product B, the opportunity cost of buying product A is product B.

PC
Answered by Princess C. Economics tutor

2434 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Evaluate the use monetary policy to aid the economy's recovery just after a recession.


Explain the term Economies of Scale. You may use a diagram to help.


What is the law of demand?


Explain two advantages that firms may gain from a horizontal merger.


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences