opportunity cost - Meaning in Kannada
opportunity cost - Meaning in Kannada
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Definitions and Meaning of opportunity cost in English
opportunity cost noun
- cost in terms of foregoing alternatives
Description
In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would have been had by taking the second best available choice. The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen". As a representation of the relationship between scarcity and choice, the objective of opportunity cost is to ensure efficient use of scarce resources. It incorporates all associated costs of a decision, both explicit and implicit. 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 an opportunity cost.
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What is opportunity cost meaning in Kannada?
The word or phrase opportunity cost refers to cost in terms of foregoing alternatives. See opportunity cost meaning in Kannada, opportunity cost definition, translation and meaning of opportunity cost in Kannada. Learn and practice the pronunciation of opportunity cost. Find the answer of what is the meaning of opportunity cost in Kannada.
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What is opportunity cost meaning in Kannada, opportunity cost translation in Kannada, opportunity cost definition, pronunciations and examples of opportunity cost in Kannada.