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Meaning of "opportunity cost" in the English dictionary

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DICTIONARY
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PRONUNCIATION OF OPPORTUNITY COST

opportunity cost play
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GRAMMATICAL CATEGORY OF OPPORTUNITY COST

noun
adjective
verb
adverb
pronoun
preposition
conjunction
determiner
exclamation
Opportunity cost is a noun.
A noun is a type of word the meaning of which determines reality. Nouns provide the names for all things: people, objects, sensations, feelings, etc.

WHAT DOES OPPORTUNITY COST MEAN IN ENGLISH?

Opportunity cost

In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone, in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would be had by taking the second best choice available. The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen". Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice". The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently. Thus, opportunity costs are not restricted to monetary or financial costs: the real cost of output forgone, lost time, pleasure or any other benefit that provides utility should also be considered opportunity costs. The concept seems a simple one, useful when applied to making everyday decisions about how best to spend limited time or money.

Definition of opportunity cost in the English dictionary

The definition of opportunity cost in the dictionary is the benefit that could have been gained from an alternative use of the same resource.

WORDS THAT BEGIN LIKE OPPORTUNITY COST

opponent
opportune
opportunely
opportuneness
opportunism
opportunist
opportunistic
opportunistically
opportunities
opportunity
opportunity shop
opposability
opposable
opposably
oppose
opposed
opposed-cylinder
opposeless
opposer
opposing

WORDS THAT END LIKE OPPORTUNITY COST

accost
alecost
at any cost
baseline cost
capital cost
cost
distribution cost
factor cost
low-cost
oncost
Pentecost
plant cost
prime cost
replacement cost
standard cost
unit cost
variable cost

Synonyms and antonyms of opportunity cost in the English dictionary of synonyms

SYNONYMS

Translation of «opportunity cost» into 25 languages

TRANSLATOR
online translator

TRANSLATION OF OPPORTUNITY COST

Find out the translation of opportunity cost to 25 languages with our English multilingual translator.
The translations of opportunity cost from English to other languages presented in this section have been obtained through automatic statistical translation; where the essential translation unit is the word «opportunity cost» in English.

Translator English - Chinese

机会成本
1,325 millions of speakers

Translator English - Spanish

costo de oportunidad
570 millions of speakers

English

opportunity cost
510 millions of speakers

Translator English - Hindi

अवसर लागत
380 millions of speakers
ar

Translator English - Arabic

تكلفة الفرصة البديلة
280 millions of speakers

Translator English - Russian

цена возможности
278 millions of speakers

Translator English - Portuguese

custo de oportunidade
270 millions of speakers

Translator English - Bengali

সুযোগ খরচ
260 millions of speakers

Translator English - French

coût d´opportunité
220 millions of speakers

Translator English - Malay

Kos peluang
190 millions of speakers

Translator English - German

Opportunitätskosten
180 millions of speakers

Translator English - Japanese

機会費用
130 millions of speakers

Translator English - Korean

기회 비용
85 millions of speakers

Translator English - Javanese

Biaya kesempatan
85 millions of speakers
vi

Translator English - Vietnamese

chi phí cơ hội
80 millions of speakers

Translator English - Tamil

வாய்ப்பு செலவு
75 millions of speakers

Translator English - Marathi

संधीची किंमत
75 millions of speakers

Translator English - Turkish

fırsat maliyeti
70 millions of speakers

Translator English - Italian

utilità-prezzo
65 millions of speakers

Translator English - Polish

koszt alternatywny
50 millions of speakers

Translator English - Ukrainian

ціна можливості
40 millions of speakers

Translator English - Romanian

cost de oportunitate
30 millions of speakers
el

Translator English - Greek

κόστος ευκαιρίας
15 millions of speakers
af

Translator English - Afrikaans

geleentheid koste
14 millions of speakers
sv

Translator English - Swedish

alternativkostnaden
10 millions of speakers
no

Translator English - Norwegian

alternativkostnaden
5 millions of speakers

Trends of use of opportunity cost

TRENDS

TENDENCIES OF USE OF THE TERM «OPPORTUNITY COST»

The term «opportunity cost» is regularly used and occupies the 68.435 position in our list of most widely used terms in the English dictionary.
0
100%
FREQUENCY
Regularly used
68
/100
The map shown above gives the frequency of use of the term «opportunity cost» in the different countries.
Principal search tendencies and common uses of opportunity cost
List of principal searches undertaken by users to access our English online dictionary and most widely used expressions with the word «opportunity cost».

FREQUENCY OF USE OF THE TERM «OPPORTUNITY COST» OVER TIME

The graph expresses the annual evolution of the frequency of use of the word «opportunity cost» during the past 500 years. Its implementation is based on analysing how often the term «opportunity cost» appears in digitalised printed sources in English between the year 1500 and the present day.

Examples of use in the English literature, quotes and news about opportunity cost

EXAMPLES

10 ENGLISH BOOKS RELATING TO «OPPORTUNITY COST»

Discover the use of opportunity cost in the following bibliographical selection. Books relating to opportunity cost and brief extracts from same to provide context of its use in English literature.
1
Opportunity Cost in Finance and Accounting
Yet it is still not fully understood today. This work focuses on opportunity cost as it affects decision making, managing, and business problem solving--where the acceptance of one alternative precludes the acceptance of others.
H. G. Heymann, Robert Bloom, 1990
2
Principles of Economics
Let's first consider the rancher's opportunity cost. According to the table in panel ( a) of Figure 1, producing 1 ounce of potatoes takes 10 minutes of work. When the rancher spends those 10 minutes producing potatoes, she spends 10 minutes ...
N. Mankiw, 2011
3
Macroeconomics for Today
The DVD and recreation facility examples illustrate that the true cost of these decisions is the opportunity cost of a choice, not the purchase price. Opportunity cost is the best alternative sacrificed for a chosen alternative. Stated differently, it is ...
Irvin Tucker, 2008
4
Capital Budgeting: Financial Appraisal of Investment Projects
The rationale for the incorporation of these indirect effects has its base in the opportunity cost principle. Opportunity cost principle When a firm undertakes a project, various resources will be used and not be available for other projects. The cost ...
Don Dayananda, 2002
5
Economics of the Environment: Theory and Policy
The center of the stage is dominated by the opportunity cost principle which requires that the opportunity costs of using the environment as a receptacle of waste as well as a public consumption good have to be taken into account.
Horst Siebert, 2008
6
Principles of Macroeconomics
The Opportunity Cost of Meat and Opportunity Cost of: Potatoes 1 oz of Meat 1 oz of Potatoes Frank the farmer 4 oz potatoes 1/4 oz meat Rose the rancher 2 oz potatoes 1/2 oz meat producing meat. Because Rose needs 20 minutes to ...
N. Mankiw, 2014
7
Opportunity Cost and Prudentiality: An Analysis of Futures ...
V . Opportunity Cost and Prudential ity: □ An Analysis of Futures Clearinghouse Behavior INTRODUCTION A futures clearinghouse reduces the risk of default by netting all a trader's trades with other clearinghouse members, in turn allowing ...
Herbert L. Baer, Virginia Grace France, James T. Moser, 1994
8
When God Made an Opportunity Cost: The Economy of God's Love
I still know the principle of opportunity cost, although I cannot remember the definition word for word. The dictionary gives the following definition of opportunity cost: “The cost of something in terms of an opportunity forgone, and the benefits ...
Wellington Kanshimike, 2009
9
Cost Accounting for Health Care Organizations: Concepts and ...
The purest cost definition stems from the economist's concept of opportunity cost Economics focuses on the allocation of scarce resources for alternative uses. Opportunity cost uses that focus by defining the cost of doing anything as the value ...
Steven A. Finkler, David Marc Ward, 1999
10
The Influence of Salary and Opportunity Cost on Teachers' ...
Chapter Five Discussion Findings of this study partially support the relevance of using salary and opportunity cost (defined as subject area taught) to predict new teacher turnover and transfer behaviors. Regarding new teacher turnover, salary,  ...
Brendan F. Minnihan, 2007

10 NEWS ITEMS WHICH INCLUDE THE TERM «OPPORTUNITY COST»

Find out what the national and international press are talking about and how the term opportunity cost is used in the context of the following news items.
1
Gold: Flight from safety
An increase in US interest rates could sap demand for the metal as it increases the so-called “opportunity cost” of holding a non-yielding shiny ... «Financial Times, Jul 15»
2
Not many travel apps worth downloading, study finds
... time for the leading brands to realize the opportunity cost of letting users down in terms of brand equity — and lost bookings," the report said. «Chicago Tribune, Jul 15»
3
How and Why to Kill the Iran Deal
Every state and firm considering business opportunities with Tehran will have to weigh them against the opportunity cost of being barred from ... «RealClearPolitics, Jul 15»
4
The Mets, the money, and Violins
... area of need is left field, a position they haven't been able to fill effectively despite investing much money and opportunity cost this offseason. «Beyond the Box Score, Jul 15»
5
Steve Cishek trade: Miami Marlins trade Cishek one year too late
Instead, they confidently stuck with him and suffered the consequences. As a result, they suffered a huge opportunity cost and came away with ... «Fish Stripes, Jul 15»
6
Rick Scott says Paris air show yielded $151 million in sales for …
... economic development agency, concurred with the governor that the trip to France in the summertime was well worth the opportunity cost. «SaintPetersBlog, Jul 15»
7
Renè M. Du Terroil, Badgir tours, Iran
... they're looking to establish themselves abroad, and they're very interested in the opportunity cost of the education that they're seeking. «The PIE News, Jul 15»
8
We can't afford Nkandla fatigue
Think about the opportunity cost of this misspending; in other words, think about what the same money could have done to contribute towards ... «Independent Online, Jul 15»
9
Technology Holds Promise for Students With Poor Vocabulary Skills
First, there's an opportunity cost, because something else is being pushed out of that 30-minute period. “The achievement gap can be bridged, ... «Education Week, Jul 15»
10
Nkandla fatigue a luxury we can't afford
Think about the opportunity cost of this misspending; in other words, think about what the same money could have done to contribute towards ... «Independent Online, Jul 15»

REFERENCE
« EDUCALINGO. Opportunity cost [online]. Available <https://educalingo.com/en/dic-en/opportunity-cost>. Apr 2024 ».
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