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Technology Categories
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| Definition Of: |
Opportunity Cost
Opportunity cost is defined as the advantage forgone as the result of the acceptance of an alternative. It is measured as the benefits that would result from the next best alternative use of the same resources that were rejected in favor of the one accepted. Opportunity cost is difficult, perhaps impossible, to measure precisely. (IIASA)
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Dictionary of Cybernetics and Systems INDEX:
List of Terms: Terms beginning with "A", Page 1 |
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Page Number:
1 A: Page 1 of 1.
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