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The cost of choosing one course of action over another. Letting your second best option pass.
Economists tend to measure opportunity cost in terms of money for simplicity's sake. However value isn't always monetary.
At the restaurant, you are presented with a desert menu. Assuming that you only eat one desert, you have the choice between chocolate mouse, ice cream and honey crepes. Let's say you prefer ice cream to chocolate mouse, but honey crepes are your favorite. If you eat a honey crepe, ice cream (which would have chosen had you not had crepes) is your opportunity cost.
Another example would be if two women that you fancied, Sarah and Alice, asked you out and you said yes to Sarah (assuming monogamy), going out with Alice is your opportunity cost.
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Crime comitted on impulse during brief period of opportuntiy
A car boot is left open and some one steals an item from the inside of it. For example this could be a box of chocolates or your grandma. This would be classed as an opportunity crime.
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A phrase coined by Octomom, Nadya Suleman, to put a positive spin on how she financially provides for fourteen children without working. Little opportunities are generated by pimping one's own children out to the media.
Q - Hey, dude. Why are there so many cameramen on the beach today?
A - Cause the Octomom is taking advantage of one of her "little opportunities" by pretending she actually takes her brood of fourteen to the beach on a regular basis for some good old-fashioned family fun.
Q - Ah! So, she's pimping those poor kids out again.
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Basically a shit sandwich served up at your work by a senior manager, who calls it a 'development opportunity' to relieve their conscience as they should be performing this task themselves.
Manager - "I have a development opportunity for you, could you please do (insert mundane task here)?"
You - "Fuck!"
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The value of resources and time given up relative to the best alternative. Includes the estimation of time in process. If a economy is competitive, the opportunity cost is a good indicator of the price because any change in prices is a change in the opportunity cost, which means a change in the allocation of resources.
The opportunity cost of 9/11 was huge! Lives were lost, capital was destroyed, people got sick......so when 9/11 happened there was a change in the market prices which changed the allocation of resources.
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A responsibility or task that absolutely noone wants.
Boss: So who wants to take minutes for this two hour meeting every Friday lunchtime where we spout bullshit about stuff that nobody really cares about?
Employees: ...
Boss: But it's a DEVELOPMENT OPPORTUNITY :)
(n.) the benefits and problems of not choosing an option.
You have a choice between buying a car for £30,000 or a motorbike for £18,000.
If you buy the car, the opportunity cost is £12,000 and a motorbike.
If you buy the motorbike and have some money, the opportunity cost is one car.
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