My Prom Dates
Opportunity cost is the best available opportunity you need to give up for a given choice.
Glossary:
- opportunity costThe cost of a resource or an action as measured by the value of the current best alternative opportunity, rather than by its committed (i.e., historical) value. As such, opportunity cost could be higher or lower than the committed (historical) cost depending on the abundance or lack of alternative uses for a given resource.