Economic Cost

Opportunity cost or economic cost is the amount of subjective value foregone in choosing one activity over the next best alternative. It is an indirect cost or an imputed cost. Opportunity costs are incurred when budgetary resources are allocated to one department instead of the other. A firm cannot retain a hired input if it is paid a lower price for it than another firm.

Opportunity cost includes the cost of inputs owned by the firm as well of those hired from outside. 

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