Opportunity Cost
The highest-valued, next-best alternative that must be sacrificed to obtain an item.
For example, suppose it costs U.S. $100,000 to go to college. The opportunity cost of going to college is the next best thing you could have bought with the U.S. $100,000 as well as the money you would have earned if you worked instead.
For example, suppose it costs U.S. $100,000 to go to college. The opportunity cost of going to college is the next best thing you could have bought with the U.S. $100,000 as well as the money you would have earned if you worked instead.