Answer / nagaraj goud

The cost of an alternative that must be forgone in order to
pursue a certain action. Put another way, the benefits you
could have received by taking an alternative action.

Example: if a gardener decides to grow carrots, his or her
opportunity cost is the alternative crop that might have
been grown instead (potatoes, tomatoes, pumpkins, etc.).

Answer / jj

Opportunity cost is the next best alternative forgone for
receiving another benefits...
eg: if u own a car.....
U have two options
1-Use for your own use
2-Rent it to some others
If u use ur car for rental purpose u will get rent....
But if u use it for ur own purpose the amount that u loose
as for rental is ur opportunity cost........

Answer / hemanth.n.s

Opportunity cost is the next best alternative forgone.

Answer / titilayo ayomide

Opportunity cost is the value of a product forgone to
produce or obtain another product.

Answer / vijay gawalkar

Scarcity of resources is one of the more basic concepts of
economics. scarvity necessitates trade-offs, and trade-offs
result in an opportunity cost. While the cost of a good or
service often is thought of in monetary terms, the
opportunity cost of a decision is based on what must be
given up (the next best alternative) as a result of the
decision. Any decision that involves a choice between two
or more options has an opprtunity cost.

Answer / balraj

in simple words opportunity cost means forgone cost of the
foregone period

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