The concept of opportunity cost is also referred to as

Assessment: WAEC SSCE - Economics - 2009 (Objective) Subject: Economics

Question 1 Report

The concept of opportunity cost is also referred to as
Answer Details
The concept of opportunity cost is also referred to as the "real cost." Opportunity cost refers to the cost of choosing one option over another, which includes the benefits forgone from the next best alternative. In other words, it is the value of the best alternative foregone. It is called the "real cost" because it is a more accurate reflection of the true cost of a decision, rather than just the monetary cost.
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