opportunity cost

USAGE SUMMARY

"opportunity cost" is an appropriate phrase that can be used in written English.
It is used to refer to the potential benefits of an activity that have been lost due to the choice of another activity or option. For example, "John decided to take the job in the city, knowing the opportunity cost of not being able to see his family often."

✓ Grammatically correct

News & Media

Science

Formal & Business

Human-verified examples from authoritative sources

Exact Expressions

60 human-written examples

"What does opportunity cost?

The New York Times - Sports

This has a big opportunity cost.

The Economist

Its opportunity cost may be another matter.

The Economist

"And basically it was the opportunity cost.

The New York Times

There is a modest opportunity cost there.

The Economist

Criminals have a low opportunity cost.

The New Yorker

Later rounds represent a lower opportunity cost.

The New York Times

"But there's definitely an opportunity cost.

The New York Times

"There's always an opportunity cost.

The New Yorker

That's a big opportunity cost.

The Guardian

Opportunity cost is the other half.

The Guardian

Expert writing Tips

Best practice

In strategic decision-making, quantify "opportunity cost" whenever possible. Assigning a monetary value helps in comparing alternatives and prioritizing choices effectively.

Common error

Don't only focus on direct financial costs. Remember to include non-monetary factors like time, effort, or loss of intangible benefits when evaluating "opportunity cost".

Linguistic Context

The phrase "opportunity cost" functions as a noun phrase that identifies and describes the economic concept of the value of the next best alternative forgone when making a decision. Ludwig provides various examples demonstrating its use in different contexts.

Expression frequency: Very common

Frequent in

News & Media

32%

Science

26%

Formal & Business

15%

Less common in

Wiki

5%

Reference

0%

Encyclopedias

0%

Ludwig's WRAP-UP

In summary, "opportunity cost" is a frequently used noun phrase referring to the value of the next best alternative forgone when a decision is made. Ludwig AI confirms its grammatical correctness and appropriateness in various contexts. It appears most commonly in news and media, scientific, and formal business publications. To use it effectively, remember to consider all costs, both monetary and non-monetary, and to quantify the value of the forgone alternative to inform strategic decision-making. Alternatives include phrases such as "cost of the alternative" or "sacrificed alternative", depending on the specific nuance desired.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

cost of the alternative

Focuses on the cost aspect but directly references the alternative choice.

sacrificed alternative

Highlights the act of giving up another option.

value of what is given up

Emphasizes the value associated with the forgone option.

foregone benefit

Focuses on the lost benefit of choosing a different option.

trade-off cost

Highlights the exchange or sacrifice involved in making a choice.

lost potential gain

Emphasizes the potential profit or advantage that was not realized.

alternative cost

Shortened version, directly indicating the cost of another choice.

implied cost

Focuses on the inherent cost of making a specific decision.

economic cost of choice

Highlights the economic aspect of the decision made.

hidden cost of decision

Emphasizes the less obvious or apparent costs associated with a choice.

FAQs

How to use "opportunity cost" in a sentence?

You can use "opportunity cost" to explain the potential benefits you miss out on when choosing one alternative over another. For example: "The "opportunity cost" of attending university includes the wages you could have earned working full-time."

What is the difference between "opportunity cost" and monetary cost?

"Opportunity cost" includes not only the monetary cost, but also the value of the best alternative forgone, whereas monetary cost only accounts for the direct financial expenses.

What can I say instead of "opportunity cost"?

Alternatives include "cost of the alternative", "sacrificed alternative", or "value of what is given up", depending on the specific nuance you want to convey.

Why is "opportunity cost" important in decision-making?

"Opportunity cost" helps in making informed decisions by providing a comprehensive view of all potential costs and benefits, not just the direct expenses, leading to more efficient resource allocation.