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Opportunity Cost
Opportunity cost is the cost (sacrifice) incurred by choosing one option over an alternative one that may be equally desired. Thus, opportunity cost is the cost of pursuing one choice instead of another. Every action has an opportunity cost. For example, someone who invests $10,000 in a stock denies oneself the interest that one can earn by leaving the $10,000 dollars in a bank account instead. Opportunity cost is not restricted to monetary or financial costs: the real cost of output forgone, lost time, pleasure or any other benefit that provides utility should also be considered.
Opportunity cost is a key concept in economics because it implies the choice between desirable, yet mutually exclusive results. It has been described as expressing "the basic relationship between scarcity and choice."[1]
More Opportunity Cost
The LAT's David Ng: "Eight museum exhibitions you won't be seeing in L.A. anytime soon."Related post here.
The Opportunity Cost of the Bailout
Apparently, the U.S. government has access to $700,000,000,000 that weren't already claimed by this program or that. After recovering from...
More Opportunity Cost (A Continuing Series)
Over the weekend came news that the Albright-Knox would now be open only four days a week.Other cost-cutting measures include (1) eliminating extended hours on Thursday evenings, (2) reducing programming on free Fridays, and (3) reducing the number of major exhibitions...
Look at your equipment maintenance agreements as a cost-saving opportunity
The maintenance costs of equipment in a law department can amount to significant sums. Here is a comment from the administrator of a very large government law office...
Health benefit cost growth predicted to ease slightly in 2009 as employers shift cost
Early responses to Mercer's annual survey indicate cost will rise 5.7 percent next year, September 4, 2008: "After three years...
Can the so-called proprety manager enter my duplex without permission?
The manager (sister of owner) has NO right to be in the apartment unless there w...
How to get a used car dealer to honor warranty for repairs required two weeks after purchase?
What was the defect? Rust? A hole? Bad converter? Broken hangers? If it was rust...
How do I sue a registered sex offender?
Offer to pay the offender to move...
I wrote a check to a business for some photos. I changed my mind about the purchase because I didnt feel comfortable with the cost. I notified the merchant and then immediately placed a stop payment order with my bank.
The primary recourse you have is to pay the merchant immediately for the debt yo...
If you are the owner and manager of a very expensive, 5 star hotel which features a famous restaurant. Three smartly dressed young patrons all consume a four course meal at your restaurant which comes to a cost of $450.
No they are not that law only pertains to contracts you may have them arrested f...

Can the so-called proprety manager enter my duplex without permission?
The manager (sister of owner) has NO right to be in the apartment unless there w...
How to get a used car dealer to honor warranty for repairs required two weeks after purchase?
What was the defect? Rust? A hole? Bad converter? Broken hangers? If it was rust...
How do I sue a registered sex offender?
Offer to pay the offender to move...
I wrote a check to a business for some photos. I changed my mind about the purchase because I didnt feel comfortable with the cost. I notified the merchant and then immediately placed a stop payment order with my bank.
The primary recourse you have is to pay the merchant immediately for the debt yo...
If you are the owner and manager of a very expensive, 5 star hotel which features a famous restaurant. Three smartly dressed young patrons all consume a four course meal at your restaurant which comes to a cost of $450.
No they are not that law only pertains to contracts you may have them arrested f...















