Without usefulness, there would be no benefits from information to set against its cost.

1 answer:

8 0

<span>Opportunity cost concept is very important to the view of costs of economists. It is defined as the worth or value of a forgone activity or alternative when another item is chosen. It is a relative cost of one alternative in terms of the next best alternative. It is a vital economic concept which finds application a wide range of business decisions. Decision –making is usually overlooked by opportunity cost. Opportunity costs should often subjectively estimated by decision-makers. </span>

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<h3>What are economic indicators?</h3>

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