2. “Opportunity cost is an economics
term that refers to the value of what
you have to give up in order to
choose something else ”
Or
“Opportunity cost of an activity is equal to
the value of next best alternative which is
sacrifice or given up or foregone in
choosing a given alternative”
Opportunity Cost
3. “Value of a factor in its next best(Second
best) alternative use is called opportunity
cost”
“Opportunity cost of any commodity is the amount of other
good which has been given up(Sacrificed) in order to
produce that commodity”
