Opportunity cost is the cost (sacrifice) incurred by choosing one option over the next best alternative. Thus, opportunity cost is the cost of pursuing one choice instead of another. Every action has an opportunity cost. Opportunity cost is 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.
Wednesday, April 9, 2008
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About the Author
Urban Gavelin a native Swede with more than twenty five years of business experience. He has held positions as director of sales- marketing- and business development on Nordic, European and World Wide levels. Urban has lived and worked in Stockholm, London and New York, now works primarily with leadership development and sales training and is a credentialed coach. He has studied Executive Management at Lausanne Business School and Stockholm School of Economics.
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