Opportunity Cost
The value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the ‘cost' incurred by not enjoying the benefit that would have been had by taking the second-best available choice.
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Origin
First introduced in economics in the late 19th century, and has since become a recognized concept in economics, business, and other fields. The term has since been applied to a variety of contexts, from personal finance to public policy, and has been used to describe the trade-offs that individuals and organizations face when making decisions with limited resources. The origin of the term "Opportunity Cost" is uncertain, but it is believed to have been first used by the French economist Frédéric Bastiat in the mid-19th century.