When the opportunity cost of an action was greater than the benefits of that action, we would describe the effects on the economy as allocatively inefficient and economically inefficient.
It is about a potential benefits that an individual, investor or business misses out on when they have to choose one alternative over another.
As an opportunity costs are unseen, they can be easily overlooked but when we understand the potential missed opportunities, it allows a business or individual to make better decision making.
However, when an opportunity cost of an action was greater than the benefits of that action, the effects on the economy as allocatively inefficient and economically inefficient.
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