What Is Opportunity Cost and How to Calculate It?

!tags:: #lit✍/📰️article/highlights
!links:: opportunity cost,
!ref:: What Is Opportunity Cost and How to Calculate It?
!author:: lifehack.org

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Book cover of "What Is Opportunity Cost and How to Calculate It?"

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opportunity cost is the value of the forgone alternative. The value can be measured in time, money, and satisfaction.
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Opportunity Cost = What You Give Up / What You Gain
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(highlight:: Opportunity Cost = Revenue – Economic Profit
To understand opportunity cost in the business world, you need to know what economic profit is. Economic profit is the money that a business makes after deducting both implicit and explicit costs. The idea is that business needs to generate revenue over opportunity costs to grow and thrive.)
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For example, Netflix doesn’t cost you $15.49, it actually costs your time; social media isn’t free, it costs your focus; and a fast-food combo meal doesn’t just cost you $7.99, it costs your health. Or for instance, working over time doesn’t just cost your hours, but your fulfilling family relationship.
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dg-publish: true
created: 2024-07-01
modified: 2024-07-01
title: What Is Opportunity Cost and How to Calculate It?
source: hypothesis

!tags:: #lit✍/📰️article/highlights
!links:: opportunity cost,
!ref:: What Is Opportunity Cost and How to Calculate It?
!author:: lifehack.org

=this.file.name

Book cover of "What Is Opportunity Cost and How to Calculate It?"

Reference

Notes

Quote

opportunity cost is the value of the forgone alternative. The value can be measured in time, money, and satisfaction.
- No location available
-

Quote

Opportunity Cost = What You Give Up / What You Gain
- No location available
-

Quote

(highlight:: Opportunity Cost = Revenue – Economic Profit
To understand opportunity cost in the business world, you need to know what economic profit is. Economic profit is the money that a business makes after deducting both implicit and explicit costs. The idea is that business needs to generate revenue over opportunity costs to grow and thrive.)
- No location available
-

Quote

For example, Netflix doesn’t cost you $15.49, it actually costs your time; social media isn’t free, it costs your focus; and a fast-food combo meal doesn’t just cost you $7.99, it costs your health. Or for instance, working over time doesn’t just cost your hours, but your fulfilling family relationship.
- No location available
- opportunity cost,