Opportunity Costs The term opportunity cost refers to the benefit of a forgone option relative to the status quo. Under this principle, by choosing any one option, we miss what might have been gained through a different choice.   Back to: Glossary A-C, Glossary D-H, Glossary I-P, Glossary Q-S, Glossary T-Z   Glossary of selected Judgement & Decision-making, Belief-related, and other Psychology terms A-Z »   » Return to belief, judgement, and clear thinking » Labels: opportunity costs

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