opportunity cost
/ˌɒpərˈtuːnɪti ˌkɒst/
the loss of potential gain from other alternatives when one alternative is chosen
opportunity cost in a sentence
“The opportunity cost of watching TV is the time you could have spent studying.”
Origin of opportunity cost
Economic concept
Related Words
time preference
the relative valuation placed on receiving good at an earlier date compared with a later date
deliberate practice
purposeful and systematic practice aimed at improving performance
deep work
professional activities performed in a state of distraction-free concentration
efficiency
the state or quality of achieving maximum productivity with minimum wasted effort
efficacy
the ability to produce a desired or intended result