Opportunity cost is a concept in economics that refers to the value of the next best alternative that is forgone when making a choice — i.e., the cost of the best alternative that is not chosen.

Whether it means investing in one stock over another or simply opting to study for a big math exam instead of meeting a friend for pizza, opportunity cost pervades every facet of life. That’s because ...

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Opportunity costs may have explicit financial costs, like when you choose to use your dollars for one thing instead of another, or implicit costs. The latter won’t hurt your wallet but will cost you ...