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

2395 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

What will happen to the price level when the price of imports increases?


Using examples, explain the difference between price elastic and inelastic.


How does the World Trade Organisation (WTO) benefit developing countries?


What is productive efficiency?


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