The opportunity cost of an activity is the value of : the next-best alternative forgone.
Opportunity cost is an economic term for expressing cost in terms of foregone alternative. It is something that needs to be given up in order to achieve something else.
Opportunity cost can be for example the benefits of second best alternatives (when the first best is chosen).
It can also alternative use of something, which is not decided on (the cost of not using land for farming and using it for building a house instead).
Therefore, the opportunity cost of an activity is the value of the next-best alternative forgone.
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