The total cost of choosing one action over another. The economic cost includes the accounting cost, or actual funds spent carrying out the action, and the opportunity cost, or the amount of money that could have been made by using funds and other resources dedicated to the action on some other objective.
Related information about economic cost:
- Economic cost - Wikipedia, the free encyclopedia
The economic cost of a decision depends on both the cost of the alternative chosen and the benefit that the best alternative would have provided if chosen.
- What is economic cost? definition and meaning
Definition of economic cost: The sacrifice involved in performing an activity, or following a decision or course of action. It may be expressed as the total of ...
- Economic cost - The Free Dictionary
(Economics) Economics the benefit that could have been gained from an alternative use of the same resource. ThesaurusLegend: Synonyms Related Words ...
- The Economic Cost of Piracy | Oceans Beyond Piracy
New - Economic Cost of Somali Piracy 2011 - New. In 2011, Somali pirates attacked 237 ships and successfully hijacked 28. Piracy impacts multiple ...
- Sandy's Economic Cost: Up to $50 Billion and Counting - CNBC.com
Oct 31, 2012 ... Early estimates of the economic impact of Hurricane Sandy put the total loss between $30 billion and $50 billion, making it one of the costliest ...
- economic cost - AmosWEB
Opportunity cost, or economic cost, is one of the most fundamental concepts used in the study of economics, hence the reason it is also termed economic cost.
- Global Economic Cost of Cancer Report
August 16 - The American Cancer Society and LIVESTRONG released the Global Economic Cost of Cancer report summary.
- The Economic Cost of Methamphetamine Use in the United States ...
Sep 28, 2012 ... The first national estimate of the economic cost of methamphetamine considers burdens of addiction, early death, drug treatment, lost ...