For an economist, the cost of something is: cost is the measure of the alternative opportunities foregone in the choice of one good or activity over others.
In general terms, the monetary value of goods and services purchased by producers and consumers. In a basic economic sense, cost is a measure of alternatives that are abandoned when choosing one product or activity over another.
These basic costs are commonly referred to as opportunity costs. For example, for fixed-income consumers, the opportunity cost of buying a new home appliance can be worth the missed vacation trip.
Traditionally, the cost is related to the relationship between the value of production input and the production level. Total cost refers to the total expenditure required to achieve a certain level of output. Divide this total cost by production to get the average cost or unit cost.
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