Examlex
Devon often sits with one foot behind his head for extended periods of time until a nurse moves it, and then does not move again. This is an example of
Opportunity Cost
Waiving prospective gains from various alternatives by settling on one option.
Foregone Alternative
The option or course of action that is given up when another is chosen; closely related to the concept of opportunity cost.
Opportunity Cost
The charge of rejecting the following prime opportunity in the process of decision-making.
Sunk Costs
Sunk costs are expenditures that have already been incurred and cannot be recovered, and should not affect future investment decisions or operations.
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