Define opportunity cost

Opportunity cost is the next best alternative forgone when a choice is made. If one had a choice of buying product A and product B, the opportunity cost of buying product A is product B.

Answered by Princess C. Economics tutor

2295 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Evaluate the view that perfect competition is a more efficient market structure than monopoly.


Explain why the UK have different minimum wage rates for different age groups


What are the factors affecting the price elasticity of demand?


Why are UK government gilt (bond) yields rising and why is that bad?


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences