economy
Every choice about how to spend money or time comes with a hidden price tag economists like to point out.
Opportunity cost is the value of the next-best alternative given up when making a choice. Every decision closes off other paths, and opportunity cost captures the value of the best option not chosen, even without cash changing hands directly.
Total cash cost is just the price paid, a narrower idea, and interest earned on savings is one specific example of a return, not a general concept describing forgone alternatives.
Opportunity cost applies beyond money, an evening of television has a cost measured in whatever else that time could accomplish, which is why economists treat time as scarce, just like money.
economy
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