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aria-controls="toc-Excluded_from_opportunity_cost-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Excluded from opportunity cost subsection</span> </button> <ul id="toc-Excluded_from_opportunity_cost-sublist" class="vector-toc-list"> <li id="toc-Sunk_costs" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sunk_costs"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Sunk costs</span> </div> </a> <ul id="toc-Sunk_costs-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marginal_cost" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marginal_cost"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Marginal cost</span> </div> </a> <ul id="toc-Marginal_cost-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Adjustment_cost" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Adjustment_cost"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Adjustment cost</span> </div> </a> <ul id="toc-Adjustment_cost-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Uses" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Uses"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Uses</span> </div> </a> <button aria-controls="toc-Uses-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Uses subsection</span> </button> <ul id="toc-Uses-sublist" class="vector-toc-list"> <li id="toc-Economic_profit_versus_accounting_profit" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Economic_profit_versus_accounting_profit"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Economic profit versus accounting profit</span> </div> </a> <ul id="toc-Economic_profit_versus_accounting_profit-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Comparative_advantage_versus_absolute_advantage" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Comparative_advantage_versus_absolute_advantage"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Comparative advantage versus absolute advantage</span> </div> </a> <ul id="toc-Comparative_advantage_versus_absolute_advantage-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Governmental_level" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Governmental_level"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Governmental level</span> </div> </a> <ul id="toc-Governmental_level-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Opportunity cost</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 51 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-51" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">51 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AA%D9%83%D9%84%D9%81%D8%A9_%D8%A7%D9%84%D9%81%D8%B1%D8%B5%D8%A9_%D8%A7%D9%84%D8%A8%D8%AF%D9%8A%D9%84%D8%A9" title="تكلفة الفرصة البديلة – Arabic" lang="ar" hreflang="ar" data-title="تكلفة الفرصة البديلة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/F%C3%BCrs%C9%99t_x%C9%99rci" title="Fürsət xərci – Azerbaijani" lang="az" hreflang="az" data-title="Fürsət xərci" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%90%D0%BB%D1%82%D0%B5%D1%80%D0%BD%D0%B0%D1%82%D0%B8%D0%B2%D0%BD%D0%B0_%D1%86%D0%B5%D0%BD%D0%B0" title="Алтернативна цена – Bulgarian" lang="bg" hreflang="bg" data-title="Алтернативна цена" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Oportunitetni_tro%C5%A1ak" title="Oportunitetni trošak – Bosnian" lang="bs" hreflang="bs" data-title="Oportunitetni trošak" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Cost_d%27oportunitat" title="Cost d'oportunitat – Catalan" lang="ca" hreflang="ca" data-title="Cost d'oportunitat" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/N%C3%A1klady_ob%C4%9Btovan%C3%A9_p%C5%99%C3%ADle%C5%BEitosti" title="Náklady obětované příležitosti – Czech" lang="cs" hreflang="cs" data-title="Náklady obětované příležitosti" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Alternativomkostning" title="Alternativomkostning – Danish" lang="da" hreflang="da" data-title="Alternativomkostning" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Opportunit%C3%A4tskosten" title="Opportunitätskosten – German" lang="de" hreflang="de" data-title="Opportunitätskosten" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Alternatiivkulu" title="Alternatiivkulu – Estonian" lang="et" hreflang="et" data-title="Alternatiivkulu" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Coste_de_oportunidad" title="Coste de oportunidad – Spanish" lang="es" hreflang="es" data-title="Coste de oportunidad" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Aukera-kostu" title="Aukera-kostu – Basque" lang="eu" hreflang="eu" data-title="Aukera-kostu" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%87%D8%B2%DB%8C%D9%86%D9%87_%D9%81%D8%B1%D8%B5%D8%AA" title="هزینه فرصت – Persian" lang="fa" hreflang="fa" data-title="هزینه فرصت" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Co%C3%BBt_d%27opportunit%C3%A9" title="Coût d'opportunité – French" lang="fr" hreflang="fr" data-title="Coût d'opportunité" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Deischostas" title="Deischostas – Irish" lang="ga" hreflang="ga" data-title="Deischostas" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Custo_de_oportunidade" title="Custo de oportunidade – Galician" lang="gl" hreflang="gl" data-title="Custo de oportunidade" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B8%B0%ED%9A%8C%EB%B9%84%EC%9A%A9" title="기회비용 – Korean" lang="ko" hreflang="ko" data-title="기회비용" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%80%D5%B6%D5%A1%D6%80%D5%A1%D5%BE%D5%B8%D6%80%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6%D5%B6%D5%A5%D6%80%D5%AB_%D5%AE%D5%A1%D5%AD%D5%BD" title="Հնարավորությունների ծախս – Armenian" lang="hy" hreflang="hy" data-title="Հնարավորությունների ծախս" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Oportunitetni_tro%C5%A1ak" title="Oportunitetni trošak – Croatian" lang="hr" hreflang="hr" data-title="Oportunitetni trošak" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Biaya_peluang" title="Biaya peluang – Indonesian" lang="id" hreflang="id" data-title="Biaya peluang" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/F%C3%B3rnarkostna%C3%B0ur" title="Fórnarkostnaður – Icelandic" lang="is" hreflang="is" data-title="Fórnarkostnaður" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Costo_opportunit%C3%A0" title="Costo opportunità – Italian" lang="it" hreflang="it" data-title="Costo opportunità" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A2%D7%9C%D7%95%D7%AA_%D7%90%D7%9C%D7%98%D7%A8%D7%A0%D7%98%D7%99%D7%91%D7%99%D7%AA" title="עלות אלטרנטיבית – Hebrew" lang="he" hreflang="he" data-title="עלות אלטרנטיבית" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BA%95%E0%BA%BB%E0%BB%89%E0%BA%99%E0%BA%97%E0%BA%B6%E0%BA%99%E0%BB%82%E0%BA%AD%E0%BA%81%E0%BA%B2%E0%BA%94" title="ຕົ້ນທຶນໂອກາດ – Lao" lang="lo" hreflang="lo" data-title="ຕົ້ນທຶນໂອກາດ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Alternatyviosios_s%C4%85naudos" title="Alternatyviosios sąnaudos – Lithuanian" lang="lt" hreflang="lt" data-title="Alternatyviosios sąnaudos" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Alternat%C3%ADv_k%C3%B6lts%C3%A9g" title="Alternatív költség – Hungarian" lang="hu" hreflang="hu" data-title="Alternatív költség" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%9E%D0%BF%D0%BE%D1%80%D1%82%D1%83%D0%BD%D0%B8%D1%82%D0%B5%D1%82%D0%B5%D0%BD_%D1%82%D1%80%D0%BE%D1%88%D0%BE%D0%BA" title="Опортунитетен трошок – Macedonian" lang="mk" hreflang="mk" data-title="Опортунитетен трошок" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Kos_melepas" title="Kos melepas – Malay" lang="ms" hreflang="ms" data-title="Kos melepas" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Alternatieve_kosten" title="Alternatieve kosten – Dutch" lang="nl" hreflang="nl" data-title="Alternatieve kosten" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%A9%9F%E4%BC%9A%E8%B2%BB%E7%94%A8" title="機会費用 – Japanese" lang="ja" hreflang="ja" data-title="機会費用" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Alternativkostnad" title="Alternativkostnad – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Alternativkostnad" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Alternativkostnad" title="Alternativkostnad – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Alternativkostnad" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Koszt_alternatywny" title="Koszt alternatywny – Polish" lang="pl" hreflang="pl" data-title="Koszt alternatywny" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Custo_de_oportunidade" title="Custo de oportunidade – Portuguese" lang="pt" hreflang="pt" data-title="Custo de oportunidade" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Cost_de_oportunitate" title="Cost de oportunitate – Romanian" lang="ro" hreflang="ro" data-title="Cost de oportunitate" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%90%D0%BB%D1%8C%D1%82%D0%B5%D1%80%D0%BD%D0%B0%D1%82%D0%B8%D0%B2%D0%BD%D1%8B%D0%B5_%D0%B8%D0%B7%D0%B4%D0%B5%D1%80%D0%B6%D0%BA%D0%B8" title="Альтернативные издержки – Russian" lang="ru" hreflang="ru" data-title="Альтернативные издержки" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sah mw-list-item"><a href="https://sah.wikipedia.org/wiki/%D0%91%D1%83%D0%BE%D0%BB%D1%83%D0%BE%D0%BD_%D1%81%D3%A9%D0%BF%D1%82%D3%A9%D3%A9%D1%85_%D1%85%D0%BE%D1%80%D0%BE%D0%BC%D0%BD%D1%8C%D1%83" title="Буолуон сөптөөх хоромньу – Yakut" lang="sah" hreflang="sah" data-title="Буолуон сөптөөх хоромньу" data-language-autonym="Саха тыла" data-language-local-name="Yakut" class="interlanguage-link-target"><span>Саха тыла</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Opportunity_cost" title="Opportunity cost – Simple English" lang="en-simple" hreflang="en-simple" data-title="Opportunity cost" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Alternat%C3%ADvne_n%C3%A1klady" title="Alternatívne náklady – Slovak" lang="sk" hreflang="sk" data-title="Alternatívne náklady" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Oportunitetni_stro%C5%A1ek" title="Oportunitetni strošek – Slovenian" lang="sl" hreflang="sl" data-title="Oportunitetni strošek" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%D8%A8%DB%95%DA%BE%D8%A7%DB%8C_%D9%82%D9%88%D8%B1%D8%A8%D8%A7%D9%86%DB%8C%D9%BE%DB%8E%DA%A9%D8%B1%D8%A7%D9%88" title="بەھای قوربانیپێکراو – Central Kurdish" lang="ckb" hreflang="ckb" data-title="بەھای قوربانیپێکراو" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%9E%D0%BF%D0%BE%D1%80%D1%82%D1%83%D0%BD%D0%B8%D1%82%D0%B5%D1%82%D0%BD%D0%B8_%D1%82%D1%80%D0%BE%D1%88%D0%B0%D0%BA" title="Опортунитетни трошак – Serbian" lang="sr" hreflang="sr" data-title="Опортунитетни трошак" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Vaihtoehtoiskustannus" title="Vaihtoehtoiskustannus – Finnish" lang="fi" hreflang="fi" data-title="Vaihtoehtoiskustannus" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Alternativkostnad" title="Alternativkostnad – Swedish" lang="sv" hreflang="sv" data-title="Alternativkostnad" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Halaga_ng_pagkakataon" title="Halaga ng pagkakataon – Tagalog" lang="tl" hreflang="tl" data-title="Halaga ng 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a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economics" title="Category:Economics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="border-top:1px #fafafa solid; border-bottom:1px #fafafa solid; background:#efefef;padding:0.2em;font-size:200%;"><a href="/wiki/Economics" title="Economics">Economics</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Supply-demand-equilibrium.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/240px-Supply-demand-equilibrium.svg.png 2x" data-file-width="217" data-file-height="217" /></a></span></td></tr><tr><td class="sidebar-above"> <ul><li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Branches and <a href="/wiki/JEL_classification_codes" title="JEL classification codes">classifications</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/International_economics" title="International economics">International</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Micro</a> / <a href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL classification codes</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul></div></div> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics_sidebar" title="Template:Economics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics_sidebar" title="Template talk:Economics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics_sidebar" title="Special:EditPage/Template:Economics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In <a href="/wiki/Microeconomics" title="Microeconomics">microeconomic theory</a>, the <b>opportunity cost</b> of a choice is the <a href="/wiki/Value_(economics)" title="Value (economics)">value</a> of the best alternative forgone where, given limited <a href="/wiki/Resource" title="Resource">resources</a>, a choice needs to be made between several <a href="/wiki/Mutual_exclusivity" title="Mutual exclusivity">mutually exclusive</a> alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the <i>benefit</i> that would have been had if the second best available choice had been taken instead.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The <i><a href="/wiki/New_Oxford_American_Dictionary" title="New Oxford American Dictionary">New Oxford American Dictionary</a></i> defines it as "the loss of potential gain from other alternatives when one alternative is chosen". As a representation of the relationship between <a href="/wiki/Scarcity" title="Scarcity">scarcity</a> and choice,<sup id="cite_ref-:0_2-0" class="reference"><a href="#cite_note-:0-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> the objective of opportunity cost is to ensure efficient use of scarce resources.<sup id="cite_ref-:1_3-0" class="reference"><a href="#cite_note-:1-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> It incorporates all associated costs of a decision, both <a href="/wiki/Explicit_cost" title="Explicit cost">explicit</a> and <a href="/wiki/Implicit_cost" title="Implicit cost">implicit</a>.<sup id="cite_ref-:2_4-0" class="reference"><a href="#cite_note-:2-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Thus, opportunity costs are not restricted to monetary or financial costs: the <a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">real cost</a> of <a href="/wiki/Production%E2%80%93possibility_frontier" title="Production–possibility frontier">output forgone</a>, lost time, pleasure, or any other benefit that provides <a href="/wiki/Utility" title="Utility">utility</a> should also be considered an opportunity cost. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Types">Types</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=1" title="Edit section: Types"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Explicit_costs">Explicit costs</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=2" title="Edit section: Explicit costs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Explicit_cost" title="Explicit cost">Explicit costs</a> are the direct costs of an action (business operating costs or expenses), executed through either a cash transaction or a physical transfer of resources.<sup id="cite_ref-:2_4-1" class="reference"><a href="#cite_note-:2-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> In other words, explicit opportunity costs are the out-of-pocket costs of a firm, that are easily identifiable.<sup id="cite_ref-:3_5-0" class="reference"><a href="#cite_note-:3-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> This means explicit costs will always have a dollar value and involve a transfer of money, e.g. paying employees.<sup id="cite_ref-:10_6-0" class="reference"><a href="#cite_note-:10-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> With this said, these particular costs can easily be identified under the expenses of a firm's income statement and balance sheet to represent all the cash outflows of a firm.<sup id="cite_ref-:4_7-0" class="reference"><a href="#cite_note-:4-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:10_6-1" class="reference"><a href="#cite_note-:10-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>Examples are as follows:<sup id="cite_ref-:3_5-1" class="reference"><a href="#cite_note-:3-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:5_8-0" class="reference"><a href="#cite_note-:5-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Land and infrastructure costs</li> <li>Operation and maintenance costs—wages, rent, overhead, materials</li></ul> <p>Scenarios are as follows:<sup id="cite_ref-:4_7-1" class="reference"><a href="#cite_note-:4-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <ul><li>If a person leaves work for an hour and spends $200 on office supplies, then the explicit costs for the individual equates to the total expenses for the office supplies of $200.</li> <li>If a printer of a company malfunctions, then the explicit costs for the company equates to the total amount to be paid to the repair technician.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Implicit_costs">Implicit costs</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=3" title="Edit section: Implicit costs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Implicit_cost" title="Implicit cost">Implicit costs</a> (also referred to as implied, imputed or notional costs) are the opportunity costs of utilising resources owned by the firm that could be used for other purposes. These costs are often hidden to the naked eye and are not made known.<sup id="cite_ref-:5_8-1" class="reference"><a href="#cite_note-:5-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Unlike explicit costs, implicit opportunity costs correspond to <a href="/wiki/Intangible_asset" title="Intangible asset">intangibles</a>. Hence, they cannot be clearly identified, defined or reported.<sup id="cite_ref-:4_7-2" class="reference"><a href="#cite_note-:4-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> This means that they are costs that have already occurred within a project, without exchanging cash.<sup id="cite_ref-:7_9-0" class="reference"><a href="#cite_note-:7-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> This could include a small business owner not taking any salary in the beginning of their tenure as a way for the business to be more profitable. As implicit costs are the result of assets, they are also not recorded for the use of accounting purposes because they do not represent any monetary losses or gains.<sup id="cite_ref-:7_9-1" class="reference"><a href="#cite_note-:7-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> In terms of <a href="/wiki/Factors_of_production" title="Factors of production">factors of production</a>, implicit opportunity costs allow for <a href="/wiki/Depreciation_(economics)" title="Depreciation (economics)">depreciation</a> of goods, materials and equipment that ensure the operations of a company.<sup id="cite_ref-:6_10-0" class="reference"><a href="#cite_note-:6-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>Examples of implicit costs regarding production are mainly resources contributed by a business owner which includes:<sup id="cite_ref-:3_5-2" class="reference"><a href="#cite_note-:3-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:6_10-1" class="reference"><a href="#cite_note-:6-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <ul><li><a href="/wiki/Wage_labour" title="Wage labour">Human labour</a></li> <li><a href="/wiki/Infrastructure" title="Infrastructure">Infrastructure</a></li> <li>Risk</li> <li><a href="/wiki/Time" title="Time">Time</a> spent: also involves considering other valuable activities that could have been undertaken in order to maximize the <a href="/wiki/Return_on_time_invested" title="Return on time invested">return on time invested</a></li></ul> <p>Scenarios are as follows:<sup id="cite_ref-:4_7-3" class="reference"><a href="#cite_note-:4-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <ul><li>If a person leaves work for an hour to spend $200 on office supplies, and has an hourly rate of $25, then the implicit costs for the individual equates to the $25 that he/she could have earned instead.</li> <li>If a printer of a company malfunctions, the implicit cost equates to the total production time that could have been utilized if the machine did not break down.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Excluded_from_opportunity_cost">Excluded from opportunity cost</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=4" title="Edit section: Excluded from opportunity cost"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Sunk_costs">Sunk costs</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=5" title="Edit section: Sunk costs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Sunk_cost" title="Sunk cost">Sunk cost</a></div> <p>Sunk costs (also referred to as historical costs) are costs that have been incurred already and cannot be recovered. As sunk costs have already been incurred, they remain unchanged and should not influence present or future actions or decisions regarding benefits and costs.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Decision makers who recognise the insignificance of sunk costs then understand that the "consequences of choices cannot influence choice itself".<sup id="cite_ref-:0_2-1" class="reference"><a href="#cite_note-:0-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>From the traceability source of costs, sunk costs can be direct costs or indirect costs. If the sunk cost can be summarized as a single component, it is a direct cost; if it is caused by several products or departments, it is an indirect cost. </p><p>Analyzing from the composition of costs, sunk costs can be either fixed costs or variable costs. When a company abandons a certain component or stops processing a certain product, the sunk cost usually includes fixed costs such as rent for equipment and wages, but it also includes variable costs due to changes in time or materials. Usually, fixed costs are more likely to constitute sunk costs. </p><p>Generally speaking, the stronger the liquidity, versatility, and compatibility of the asset, the less its sunk cost will be. </p><p>A scenario is given below:<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>A company used $5,000 for marketing and advertising on its music streaming service to increase exposure to the target market and potential consumers. In the end, the campaign proved unsuccessful. The sunk cost for the company equates to the $5,000 that was spent on the market and advertising means. This expense is to be ignored by the company in its future decisions and highlights that no additional investment should be made. </p><p>Despite the fact that sunk costs should be ignored when making future decisions, people sometimes make the mistake of thinking sunk cost matters. This is <a href="/wiki/Sunk_cost_fallacy" class="mw-redirect" title="Sunk cost fallacy">sunk cost fallacy</a>. </p><p>Example: Steven bought a game for $100, but when he started to play it, he found it was boring rather than interesting. But Steven thinks he paid $100 for the game, so he has to play it through. </p><p>Sunk cost: $100 and the cost of the time spent playing the game. Analysis: Steven spent $100 hoping to complete the whole game experience, and the game is an entertainment activity, but there is no pleasure during the game, which is already low efficiency, but Steven also chose to waste time. So it is adding more cost. </p> <div class="mw-heading mw-heading3"><h3 id="Marginal_cost">Marginal cost</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=6" title="Edit section: Marginal cost"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Marginal_cost" title="Marginal cost">Marginal cost</a></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Opportunity_cost" title="Special:EditPage/Opportunity cost">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">June 2023</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>The concept of marginal cost in economics is the incremental cost of each new product produced for the entire product line. For example, if you build a plane, it costs a lot of money, but when you build the 100th plane, the cost will be much lower. When building a new aircraft, the materials used may be more useful, so make as many aircraft as possible from as few materials as possible to increase the margin of profit. Marginal cost is abbreviated MC or MPC. </p><p>Marginal cost: The increase in cost caused by an additional unit of production is called marginal cost. By definition, marginal cost (MC) is equal to the change in total cost (△TC) divided by the corresponding change in output (△Q): MC(Q) = △TC(Q)/△Q or, taking the limit as △Q goes to zero, </p><p>MC(Q) = lim(△Q→0) △TC(Q)/△Q = dTC/dQ. </p><p>In theory marginal costs represent the increase in total costs (which include both constant and variable costs) as output increases by 1 unit. </p> <div class="mw-heading mw-heading3"><h3 id="Adjustment_cost">Adjustment cost</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=7" title="Edit section: Adjustment cost"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The phrase "adjustment costs" gained significance in macroeconomic studies, referring to the expenses a company bears when altering its production levels in response to fluctuations in demand and/or input costs. These costs may encompass those related to acquiring, setting up, and mastering new capital equipment, as well as costs tied hiring, dismissing, and training employees to modify production. We use "adjustment costs" to describe shifts in the firm's product nature rather than merely changes in output volume. We expand the notion of adjustment costs in this manner because, to reposition itself in the market relative to rivals, a company usually needs to alter crucial features of its goods or services to enhance competition based on differentiation or cost. In line with the conventional concept, the adjustment costs experienced during repositioning may involve expenses linked to the reassignment of capital and/or labor resources. However, they might also include costs from other areas, such as changes in organizational abilities, assets, and expertise.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability"><span title="Citation was previously on the heading. Unclear what claims it was supposed to support (November 2023)">verification needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Uses">Uses</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=8" title="Edit section: Uses"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Economic_profit_versus_accounting_profit">Economic profit versus accounting profit</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=9" title="Edit section: Economic profit versus accounting profit"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The main objective of accounting profits is to give an account of a company's fiscal performance, typically reported on in quarters and annually. As such, accounting principles focus on tangible and measurable factors associated with operating a business such as wages and rent, and thus, do not "infer anything about relative economic profitability".<sup id="cite_ref-Holian_&_Reza_14-0" class="reference"><a href="#cite_note-Holian_&_Reza-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Opportunity costs are not considered in accounting profits as they have no purpose in this regard. </p><p> The purpose of calculating economic profits (and thus, opportunity costs) is to aid in better business decision-making through the inclusion of opportunity costs. In this way, a business can evaluate whether its decision and the allocation of its resources is cost-effective or not and whether resources should be reallocated.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup></p><figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Comparison_of_economic_profit_and_accounting_profit.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/Comparison_of_economic_profit_and_accounting_profit.png/220px-Comparison_of_economic_profit_and_accounting_profit.png" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/Comparison_of_economic_profit_and_accounting_profit.png/330px-Comparison_of_economic_profit_and_accounting_profit.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/49/Comparison_of_economic_profit_and_accounting_profit.png/440px-Comparison_of_economic_profit_and_accounting_profit.png 2x" data-file-width="619" data-file-height="421" /></a><figcaption>Simplified example of comparing economic profit vs accounting profit</figcaption></figure> <p>Economic profit does not indicate whether or not a business decision will make money. It signifies if it is prudent to undertake a specific decision against the opportunity of undertaking a different decision. As shown in the simplified example in the image, choosing to start a business would provide $10,000 in terms of accounting profits. However, the decision to start a business would provide −$30,000 in terms of economic profits, indicating that the decision to start a business may not be prudent as the opportunity costs outweigh the profit from starting a business. In this case, where the revenue is not enough to cover the opportunity costs, the chosen option may not be the best course of action.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> When economic profit is zero, all the explicit and implicit costs (opportunity costs) are covered by the total revenue and there is no incentive for reallocation of the resources. This condition is known as <b>normal profit</b>. </p><p>Several performance measures of economic profit have been derived to further improve business decision-making such as <a href="/wiki/Risk-adjusted_return_on_capital" title="Risk-adjusted return on capital">risk-adjusted return on capital (RAROC)</a> and <a href="/wiki/Economic_value_added" title="Economic value added">economic value added (EVA)</a>, which directly include a quantified opportunity cost to aid businesses in risk management and optimal allocation of resources.<sup id="cite_ref-Kimball_17-0" class="reference"><a href="#cite_note-Kimball-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Opportunity cost, as such, is an economic concept in economic theory which is used to maximise value through better decision-making. </p><p>In accounting, collecting, processing, and reporting information on activities and events that occur within an organization is referred to as the accounting cycle. To encourage decision-makers to efficiently allocate the resources they have (or those who have trusted them), this information is being shared with them.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> As a result, the role of accounting has evolved in tandem with the rise of economic activity and the increasing complexity of economic structure. Accounting is not only the gathering and calculation of data that impacts a choice, but it also delves deeply into the decision-making activities of businesses through the measurement and computation of such data. In accounting, it is common practice to refer to the opportunity cost of a decision (option) as a cost.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> The discounted cash flow method has surpassed all others as the primary method of making investment decisions, and opportunity cost has surpassed all others as an essential metric of cash outflow in making investment decisions.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> For various reasons, the opportunity cost is critical in this form of estimation. </p><p>First and foremost, the discounted rate applied in DCF analysis is influenced by an opportunity cost, which impacts project selection and the choice of a discounting rate.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Using the firm's original assets in the investment means there is no need for the enterprise to utilize funds to purchase the assets, so there is no cash outflow. However, the cost of the assets must be included in the cash outflow at the current market price. Even though the asset does not result in a cash outflow, it can be sold or leased in the market to generate income and be employed in the project's cash flow. The money earned in the market represents the opportunity cost of the asset utilized in the business venture. As a result, opportunity costs must be incorporated into project planning to avoid erroneous project evaluations.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Only those costs directly relevant to the project will be considered in making the investment choice, and all other costs will be excluded from consideration. Modern accounting also incorporates the concept of opportunity cost into the determination of capital costs and capital structure of businesses, which must compute the <a href="/wiki/Cost_of_capital" title="Cost of capital">cost of capital</a> invested by the owner as a function of the ratio of <a href="/wiki/Human_capital" title="Human capital">human capital</a>. In addition, opportunity costs are employed to determine to price for asset transfers between industries. </p> <div class="mw-heading mw-heading3"><h3 id="Comparative_advantage_versus_absolute_advantage">Comparative advantage versus absolute advantage</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=10" title="Edit section: Comparative advantage versus absolute advantage"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When a nation, organisation or individual can produce a product or service at a relatively lower opportunity cost compared to its competitors, it is said to have a <a href="/wiki/Comparative_advantage" title="Comparative advantage">comparative advantage</a>. In other words, a country has comparative advantage if it gives up less of a resource to make the same number of products as the other country that has to give up more.<sup id="cite_ref-:02_23-0" class="reference"><a href="#cite_note-:02-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Comparative_Advantage_Example.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1e/Comparative_Advantage_Example.png/220px-Comparative_Advantage_Example.png" decoding="async" width="220" height="157" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1e/Comparative_Advantage_Example.png/330px-Comparative_Advantage_Example.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1e/Comparative_Advantage_Example.png/440px-Comparative_Advantage_Example.png 2x" data-file-width="6000" data-file-height="4286" /></a><figcaption>A simple example of comparative advantage</figcaption></figure> <p>Using the simple example in the image, to make 100 tonnes of tea, Country A has to give up the production of 20 tonnes of wool which means for every 1 tonne of tea produced, 0.2 tonnes of wool has to be forgone. Meanwhile, to make 30 tonnes of tea, Country B needs to sacrifice the production of 100 tonnes of wool, so for each tonne of tea, 3.3 tonnes of wool is forgone. In this case, Country A has a comparative advantage over Country B for the production of tea because it has a lower opportunity cost. On the other hand, to make 1 tonne of wool, Country A has to give up 5 tonnes of tea, while Country B would need to give up 0.3 tonnes of tea, so Country B has a comparative advantage over the production of wool. </p><p><a href="/wiki/Absolute_advantage" title="Absolute advantage">Absolute advantage</a> on the other hand refers to how efficiently a party can use its resources to produce goods and services compared to others, regardless of its opportunity costs. For example, if Country A can produce 1 tonne of wool using less manpower compared to Country B, then it is more efficient and has an absolute advantage over wool production, even if it does not have a comparative advantage because it has a higher opportunity cost (5 tonnes of tea).<sup id="cite_ref-:02_23-1" class="reference"><a href="#cite_note-:02-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>Absolute advantage refers to how efficiently resources are used whereas comparative advantage refers to how little is sacrificed in terms of opportunity cost. When a country produces what it has the comparative advantage of, even if it does not have an absolute advantage, and trades for those products it does not have a comparative advantage over, it maximises its output since the opportunity cost of its production is lower than its competitors. By focusing on <a href="/wiki/Division_of_labour" title="Division of labour">specialising</a> this way, it also maximises its level of consumption.<sup id="cite_ref-:02_23-2" class="reference"><a href="#cite_note-:02-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Governmental_level">Governmental level</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=11" title="Edit section: Governmental level"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Similar to the way people make decisions, governments frequently have to take opportunity cost into account when passing legislation. The potential cost at the government level is fairly evident when we look at, for instance, government spending on war. Assume that entering a war would cost the government $840 billion. They are thereby prevented from using $840 billion to fund healthcare, education, or tax cuts or to diminish by that sum any budget deficit. In regard to this situation, the explicit costs are the wages and materials needed to fund soldiers and required equipment whilst an implicit cost would be the time that otherwise employed personnel will be engaged in war. </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Opportunity_Cost_of_the_COVID-19_pandemic_Australia.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e5/Opportunity_Cost_of_the_COVID-19_pandemic_Australia.png/220px-Opportunity_Cost_of_the_COVID-19_pandemic_Australia.png" decoding="async" width="220" height="80" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e5/Opportunity_Cost_of_the_COVID-19_pandemic_Australia.png/330px-Opportunity_Cost_of_the_COVID-19_pandemic_Australia.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e5/Opportunity_Cost_of_the_COVID-19_pandemic_Australia.png/440px-Opportunity_Cost_of_the_COVID-19_pandemic_Australia.png 2x" data-file-width="792" data-file-height="287" /></a><figcaption>Opportunity cost at a government level example</figcaption></figure> <p>Another example of opportunity cost at government level is the effects of the Covid-19 pandemic. Governmental responses to the COVID-19 epidemic have resulted in considerable economic and social consequences, both implicit and apparent. Explicit costs are the expenses that the government incurred directly as a result of the pandemic which included $4.5 billion dollars on medical bills, vaccine distribution of over $17 billion dollars, and economic stimulus plans that cost $189 billion dollars. These costs, which are often simpler to measure, resulted in greater public debt, decreased tax income, and increased expenditure by the government. The opportunity costs associated with the epidemic, including lost productivity, slower economic growth, and weakened social cohesiveness, are known as implicit costs. Even while these costs might be more challenging to estimate, they are nevertheless crucial to comprehending the entire scope of the pandemic's effects. For instance, the implementation of lockdowns and other limitations to stop the spread of the virus resulted in a $158 billion dollar loss due to decreased economic activity, job losses, and a rise in mental health issues.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Graph1.11.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Graph1.11.jpg/220px-Graph1.11.jpg" decoding="async" width="220" height="204" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Graph1.11.jpg/330px-Graph1.11.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Graph1.11.jpg/440px-Graph1.11.jpg 2x" data-file-width="2241" data-file-height="2075" /></a><figcaption>Demand and supply of hospital beds and days during Covid-19</figcaption></figure> <p>The impact of the Covid-19 pandemic that broke out in recent years on economic operations is unavoidable, the economic risks are not symmetrical, and the impact of Covid-19 is distributed differently in the global economy. Some industries have benefited from the pandemic, while others have almost gone bankrupt. One of the sectors most impacted by the COVID-19 pandemic is the public and private health system. Opportunity cost is the concept of ensuring efficient use of scarce resources,<sup id="cite_ref-:13_25-0" class="reference"><a href="#cite_note-:13-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> a concept that is central to <a href="/wiki/Health_economics" title="Health economics">health economics</a>. The massive increase in the need for intensive care has largely limited and exacerbated the department's ability to address routine health problems. The sector must consider opportunity costs in decisions related to the allocation of scarce resources, premised on improving the health of the population.<sup id="cite_ref-:12_26-0" class="reference"><a href="#cite_note-:12-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>However, the opportunity cost of implementing policies to the sector has limited impact in the health sector. Patients with severe symptoms of COVID-19 require close monitoring in the ICU and in therapeutic ventilator support, which is key to treating the disease.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> In this case, scarce resources include bed days, ventilation time, and therapeutic equipment. Temporary excess demand for hospital beds from patients exceeds the number of bed days provided by the health system. The increased demand for days in bed is due to the fact that infected hospitalized patients stay in bed longer, shifting the demand curve to the right (see curve D2 in Graph1.11).<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="There is no Graph 1.11! (November 2023)">clarification needed</span></a></i>]</sup><sup id="cite_ref-:13_25-1" class="reference"><a href="#cite_note-:13-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> The number of bed days provided by the health system may be temporarily reduced as there may be a shortage of beds due to the widespread spread of the virus. If this situation becomes unmanageable, supply decreases and the supply curve shifts to the left (curve S2 in Graph1.11).<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="There is no Graph 1.11! (November 2023)">clarification needed</span></a></i>]</sup><sup id="cite_ref-:13_25-2" class="reference"><a href="#cite_note-:13-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> A perfect competition model can be used to express the concept of opportunity cost in the health sector.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> In perfect competition, market equilibrium is understood as the point where supply and demand are exactly the same (points P and Q in Graph1.11).<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="There is no Graph 1.11! (November 2023)">clarification needed</span></a></i>]</sup><sup id="cite_ref-:13_25-3" class="reference"><a href="#cite_note-:13-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> The balance is Pareto optimal equals marginal opportunity cost. Medical allocation may result in some people being better off and others worse off. At this point, it is assumed that the market has produced the maximum outcome associated with the Pareto partial order.<sup id="cite_ref-:13_25-4" class="reference"><a href="#cite_note-:13-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> As a result, the opportunity cost increases when other patients cannot be admitted to the ICU due to a shortage of beds. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=12" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid 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src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/28px-Emblem-money.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/42px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/56px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span></span><span class="portalbox-link"><a href="/wiki/Portal:Economics" title="Portal:Economics">Economics portal</a></span></li></ul> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 20em;"> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a></li> <li><a href="/wiki/Best_alternative_to_a_negotiated_agreement" title="Best alternative to a negotiated agreement">Best alternative to a negotiated agreement</a></li> <li><a href="/wiki/Budget_constraint" title="Budget constraint">Budget constraint</a></li> <li><a href="/wiki/Dead-end_job" title="Dead-end job">Dead-end job</a></li> <li><a href="/wiki/Economies_of_scale" title="Economies of scale">Economies of scale</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Fear_of_missing_out" title="Fear of missing out">Fear of missing out</a></li> <li><a href="/wiki/Lost_sales" title="Lost sales">Lost sales</a></li> <li><a href="/wiki/No_such_thing_as_a_free_lunch" title="No such thing as a free lunch">No such thing as a free lunch</a></li> <li><a href="/wiki/Production%E2%80%93possibility_frontier" title="Production–possibility frontier">Production–possibility frontier</a></li> <li><a href="/wiki/Reduced_cost" title="Reduced cost">Reduced cost</a></li> <li><a href="/wiki/Time_management" title="Time management">Time management</a></li> <li><a href="/wiki/Time_sink" title="Time sink">Time sink</a></li> <li><a href="/wiki/Trade-off" title="Trade-off">Trade-off</a></li> <li><a href="/wiki/Transaction_cost" title="Transaction cost">Transaction cost</a></li> <li><a href="/wiki/You_can%27t_have_your_cake_and_eat_it" title="You can't have your cake and eat it">You can't have your cake and eat it</a></li> <li><a href="/wiki/Perverse_subsidies" class="mw-redirect" title="Perverse subsidies">Perverse subsidies</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=13" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px 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.cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/o/opportunitycost.asp">"Opportunity Cost"</a>. <i>Investopedia</i><span class="reference-accessdate">. Retrieved <span class="nowrap">18 September</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=Opportunity+Cost&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fo%2Fopportunitycost.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOpportunity+cost" class="Z3988"></span></span> </li> <li id="cite_note-:0-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_2-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBuchanan1991" class="citation book cs1">Buchanan, James M. (1991). <a rel="nofollow" class="external text" href="https://link.springer.com/chapter/10.1007/978-1-349-21315-3_69">"Opportunity Cost"</a>. <i>The World of Economics</i>. 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Interim guidance"</a>. <i>Pediatria I Medycyna Rodzinna</i>. <b>16</b> (1): 9–26. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.15557%2Fpimr.2020.0003">10.15557/pimr.2020.0003</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1734-1531">1734-1531</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:219964509">219964509</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Pediatria+I+Medycyna+Rodzinna&rft.atitle=Clinical+management+of+severe+acute+respiratory+infection+%28SARI%29+when+COVID-19+disease+is+suspected.+Interim+guidance&rft.volume=16&rft.issue=1&rft.pages=9-26&rft.date=2020-05-20&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A219964509%23id-name%3DS2CID&rft.issn=1734-1531&rft_id=info%3Adoi%2F10.15557%2Fpimr.2020.0003&rft.au=World+Health+Organization&rft_id=https%3A%2F%2Fdoi.org%2F10.15557%252Fpimr.2020.0003&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOpportunity+cost" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLipseyChrystal2007" class="citation book cs1">Lipsey, R. G.; Chrystal, K. A. (2007). <a rel="nofollow" class="external text" href="http://worldcat.org/oclc/475315028"><i>Economics</i></a>. Oxford University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-928641-6" title="Special:BookSources/978-0-19-928641-6"><bdi>978-0-19-928641-6</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/475315028">475315028</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics&rft.pub=Oxford+University+Press&rft.date=2007&rft_id=info%3Aoclcnum%2F475315028&rft.isbn=978-0-19-928641-6&rft.aulast=Lipsey&rft.aufirst=R.+G.&rft.au=Chrystal%2C+K.+A.&rft_id=http%3A%2F%2Fworldcat.org%2Foclc%2F475315028&rfr_id=info%3Asid%2Fen.wikipedia.org%3AOpportunity+cost" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Opportunity_cost&action=edit&section=14" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/34px-Wikiquote-logo.svg.png" decoding="async" width="34" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/51px-Wikiquote-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/68px-Wikiquote-logo.svg.png 2x" data-file-width="300" data-file-height="355" /></span></span></div> <div class="side-box-text plainlist">Wikiquote has quotations related to <i><b><a href="https://en.wikiquote.org/wiki/Special:Search/Opportunity_cost" class="extiw" title="q:Special:Search/Opportunity cost">Opportunity cost</a></b></i>.</div></div> </div> <ul><li><a rel="nofollow" class="external text" href="https://www.nytimes.com/2005/09/01/business/01scene.html">The Opportunity Cost of Economics Education</a> by <a href="/wiki/Robert_H._Frank" title="Robert H. 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<a href="/wiki/Non-convexity_(economics)" title="Non-convexity (economics)">non-convexity</a></li> <li><a href="/wiki/Economic_cost" title="Economic cost">Cost</a> <ul><li><a href="/wiki/Average_cost" title="Average cost">Average</a></li> <li><a href="/wiki/Marginal_cost" title="Marginal cost">Marginal</a></li> <li><a class="mw-selflink selflink">Opportunity</a> <ul><li><a href="/wiki/Implicit_cost" title="Implicit cost">Implicit</a></li></ul></li> <li><a href="/wiki/Social_cost" title="Social cost">Social</a></li> <li><a href="/wiki/Sunk_cost" title="Sunk cost">Sunk</a></li> <li><a href="/wiki/Transaction_cost" title="Transaction cost">Transaction</a></li></ul></li> <li><a href="/wiki/Cost%E2%80%93benefit_analysis" title="Cost–benefit analysis">Cost–benefit analysis</a></li> <li><a href="/wiki/Deadweight_loss" title="Deadweight loss">Deadweight loss</a></li> <li><a href="/wiki/Distribution_(economics)" title="Distribution (economics)">Distribution</a></li> <li><a href="/wiki/Economies_of_scale" title="Economies of scale">Economies of scale</a></li> <li><a href="/wiki/Economies_of_scope" title="Economies of scope">Economies of scope</a></li> <li><a href="/wiki/Elasticity_(economics)" title="Elasticity (economics)">Elasticity</a> <ul><li><a href="/wiki/Cross_elasticity_of_demand" title="Cross elasticity of demand">Cross elasticity of demand</a></li> <li><a href="/wiki/Income_elasticity_of_demand" title="Income elasticity of demand">Income elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_demand" title="Price elasticity of demand">Price elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_supply" title="Price elasticity of supply">Price elasticity of supply</a></li></ul></li> <li><a href="/wiki/Economic_equilibrium" title="Economic equilibrium">Equilibrium</a> <ul><li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General</a></li></ul></li> <li><a href="/wiki/Trade" title="Trade">Exchange</a></li> <li><a href="/wiki/Externality" title="Externality">Externality</a></li> <li><a href="/wiki/Theory_of_the_firm" title="Theory of the firm">Firms</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a> <ul><li><a href="/wiki/Goods" title="Goods">Goods</a></li> <li><a href="/wiki/Service_(economics)" title="Service (economics)">Service</a></li></ul></li> <li><a href="/wiki/Family_economics" title="Family economics">Household</a></li> <li><a href="/wiki/Income%E2%80%93consumption_curve" title="Income–consumption curve">Income–consumption curve</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Indifference_curve" title="Indifference curve">Indifference curve</a></li> <li><a href="/wiki/Intertemporal_choice" title="Intertemporal choice">Intertemporal choice</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/Market_failure" title="Market failure">Market failure</a></li> <li><a href="/wiki/Market_structure" title="Market structure">Market structure</a> <ul><li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competition</a> <ul><li><a href="/wiki/Monopolistic_competition" title="Monopolistic competition">Monopolistic</a></li> <li><a href="/wiki/Perfect_competition" title="Perfect competition">Perfect</a></li></ul></li> <li><a href="/wiki/Duopoly" title="Duopoly">Duopoly</a></li> <li><a href="/wiki/Monopoly" title="Monopoly">Monopoly</a> <ul><li><a href="/wiki/Bilateral_monopoly" title="Bilateral monopoly">Bilateral</a></li> <li><a href="/wiki/Complementary_monopoly" title="Complementary monopoly">Complementary</a></li></ul></li> <li><a href="/wiki/Monopsony" title="Monopsony">Monopsony</a></li> <li><a href="/wiki/Oligopoly" title="Oligopoly">Oligopoly</a></li> <li><a href="/wiki/Oligopsony" title="Oligopsony">Oligopsony</a></li></ul></li> <li><a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li> <li><a href="/wiki/Preference_(economics)" title="Preference (economics)">Preferences</a></li> <li><a href="/wiki/Price" title="Price">Price</a> <ul><li><a href="/wiki/Price_controls" title="Price controls">Price controls</a></li> <li><a href="/wiki/Price_ceiling" title="Price ceiling">Price ceiling</a></li> <li><a href="/wiki/Price_floor" title="Price floor">Price floor</a></li> <li><a href="/wiki/Price_discrimination" title="Price discrimination">Price discrimination</a></li> <li><a href="/wiki/Price_signal" title="Price signal">Price signal</a></li> <li><a href="/wiki/Price_system" title="Price system">Price system</a>/<a href="/wiki/Free_price_system" title="Free price system">Free</a></li> <li><a href="/wiki/Pricing" title="Pricing">Pricing</a></li></ul></li> <li><a href="/wiki/Production_set" title="Production set">Production</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Public_good_(economics)" title="Public good (economics)">Public goods</a></li> <li><a href="/wiki/Rationing" title="Rationing">Rationing</a></li> <li><a href="/wiki/Economic_rent" title="Economic rent">Rent</a></li> <li><a href="/wiki/Returns_to_scale" title="Returns to scale">Returns to scale</a></li> <li><a href="/wiki/Risk_aversion" title="Risk aversion">Risk aversion</a></li> <li><a href="/wiki/Scarcity" title="Scarcity">Scarcity</a></li> <li><a href="/wiki/Shortage" title="Shortage">Shortage</a>/<a href="/wiki/Excess_supply" title="Excess supply">Excess supply</a></li> <li><a href="/wiki/Substitution_effect" title="Substitution effect">Substitution effect</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Surplus</a></li> <li><a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a> <ul><li><a href="/wiki/Demand" title="Demand">Demand</a>/<a href="/wiki/Law_of_demand" title="Law of demand">Law of demand</a></li> <li><a href="/wiki/Supply_(economics)" title="Supply (economics)">Supply</a>/<a href="/wiki/Law_of_supply" title="Law of supply">Law of supply</a></li></ul></li> <li><a href="/wiki/Uncertainty" title="Uncertainty">Uncertainty</a></li> <li><a href="/wiki/Utility" title="Utility">Utility</a> <ul><li><a href="/wiki/Expected_utility_hypothesis" title="Expected utility hypothesis">Expected</a></li> <li><a href="/wiki/Marginal_utility" title="Marginal utility">Marginal</a></li></ul></li> <li><a href="/wiki/Wage" title="Wage">Wage</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Subfields</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Statistical_decision_theory" class="mw-redirect" title="Statistical decision theory">Statistical decision theory</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering economics</a></li> <li><a href="/wiki/Engineering_economics_(civil_engineering)" title="Engineering economics (civil engineering)">Civil engineering economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Green_economy" title="Green economy">Green</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labor</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations of macroeconomics</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Mathematical_optimization" title="Mathematical optimization">Optimization</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Microeconomics" title="Category:Microeconomics">Category</a></li></ul> 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