What is another word for opportunity cost?
Pronunciation: [ɒpətjˈuːnɪti kˈɒst] (IPA) 
Opportunity cost is a critical concept in economics that refers to the value of the next-best alternative that must be forgone in order to pursue a particular action. Synonyms for opportunity cost include trade-off, cost of foregone alternatives, sacrifice cost, and alternative cost. The term "trade-off" refers to the act of giving up one thing in exchange for another. The "cost of foregone alternatives" is the value that is lost when one alternative is chosen over another. The "sacrifice cost" is the cost of a decision in terms of the benefits that must be given up. Finally, the "alternative cost" is the potential benefit that is forfeited when choosing one option over another. Understanding the synonyms for opportunity cost is important in making informed economic decisions.
