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In microeconomic theory, the opportunity cost of a choice is 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. The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen." As a representation of the relationship between scarcity and choice, the objective of opportunity cost is to ensure efficient use of scarce resources. It incorporates all associated costs of a decision, both explicit and implicit. Thus, opportunity costs are not restricted to monetary or financial costs: the real cost of output forgone, lost time, pleasure, or any other benefit that provides utility should also be considered an opportunity cost.
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References
- ↑ Connolly, Gary (March 13, 2011). "Gary Connolly: Putting faith in moats risks ending up in mire". The Sunday Times. ISSN 0140-0460 . Retrieved 2021-04-08.
- ↑ Gallant, Chris. "What Is an Economic Moat?". Investopedia. Retrieved 2021-04-08.
- ↑ Hough, Jack (June 19, 2012). "How to find 'wide moat' stocks". MarketWatch. Retrieved 2021-04-08.
- ↑ Buffett, Warren (February 25, 2017). "Berkshire Hathaway Inc. Annual Shareholder Letter 2016" (PDF). Berkshirehathaway.com. Retrieved April 8, 2021.
- ↑ Duffy, Maureen Nevin (May 9, 2012). "Another "Wide Moat" ETF Tests the Waters". Institutional Investor. Retrieved 2021-04-08.
- 1 2 Motley Fool Staff (2016-01-22). "What Is an Economic Moat?". The Motley Fool. Retrieved 2021-04-08.
- ↑ Romanoff, Dan (April 1, 2021). "Amazon.com Inc". Morningstar.com. Retrieved 2021-04-08.
- ↑ Swartz, David (March 18, 2021). "Extraordinary Challenges Led to Q3 Sales Miss for Wide-Moat Nike; Shares Expensive". Morningstar.com. Retrieved 2021-04-08.
- ↑ Ganti, Akhilesh (March 21, 2020). "Economic Moat Definition". Investopedia. Retrieved 2021-04-08.
- ↑ Grant, Mitchell (December 22, 2020). Kelly, Robert C. (ed.). "Switching Costs". Investopedia. Retrieved 2021-04-08.
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