Opportunity cost is an economic term that refers to the value of the next best available option when a particular decision is made, that is, what is lost or not gained by choosing a certain option (which is supposed to be more beneficial than the option that was rejected).
In all decision making, each option must be weighed and evaluated before a decision is made. The more at stake, for example, if a company has to decide which products to produce, the more complex such calculations become. The opportunity cost is, therefore, a key concept when solving cases due to lack and efficiency of materials. Another example that can be given is the opportunity cost of taking a week off from work. The opportunity cost in that case is the loss of work, with the consequent loss of economic income.
To answer the question above as to how would they answer the economic questions for whom and what to produce when a doctor at Boston University partnered with a professor at Northeastern University in creating a virtual support program for patients that recently discharged from the hospital.
