Opportunity cost is a concept in economics that refers to the value of the next best alternative that is forgone when making a choice — i.e., the cost of the best alternative that is not chosen.

Essentially, opportunity cost is the potential benefits or gains an investor, consumer or business misses out on when one alternative is chosen over another. Here are some key takeaways: You cannot ...

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Once you understand opportunity cost, you’ll make smarter financial decisions, especially when you’re managing side gigs or investing your effort, time and money. Here’s what you should know, so you ...

Many of us pride ourselves on being resourceful and self-sufficient. Tackling tasks ourselves—whether preparing a home-cooked meal or taking on a complex work project—often feels rewarding. However, ...