Answer:
the next-best alternative for the resources used to undertake the action.
Explanation:
That's the most complete definition.
Is important to understand that opportunity cost take the best alternative.
And associate the alternative for an specific resource.
For example, if you have your own project as self-employee
and you have two job offer of 40,000 and 60,000
the opportunity cost is 60,000 which is the best alternative for the labor resources
If you are also using a space that could be rented for 10,000 That potential rent is also part of the opportunity cost,
So the total opportunity cost will be 70,000
60,000 for the labor resourse
and 10,000 for the rent resource
