Opportunity cost

The concept of opportunity cost occupies an important place in economic theory. Wieser first developed the concept.

"Opportunity cost is the understanding that for every new opportunity that we accept, such as losing weight, there is another opportunity that we must let go of, such as eating junk food. Here’s an example to illustrate the point:..."

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As a result of choosing one option over another, you calculate opportunity cost (also called an implicit cost). Intangibles like time with friends and family and tangible trade-offs like money come into play.

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The barter system facilitated exchange of goods and services before the advent of the monetary system. Let us take a closer look at the history of this age-old system.

Heavy industry refers to a type of business that usually carries a high capital cost, high barriers to entry, and low transportability.