Opportunity Cost
The value of other choices you give up when you do something.
Examples:
• You decide to study to become a Doctor. The "opportunity cost" is the money you could have earned in an office job instead of studying.
• The bakery wants to buy a new oven for $2,000. But that money could be earning 5% interest in the bank, so the "opportunity cost" is the 5% interest.
• Sam decides to go fishing early. The opportunity cost is the enjoyment of sleeping late that day.
- orthogonal
- oscillating series
- ounce
- outcome
- outlier
- oval
- ovoid
- pair
- palindrome
- palindromic numbers
- parabola
- paraboloid
- parallel
- parallel lines
- parallel planes
- parallelepiped
- parallelogram
- parameter
- parametric equations
- parentheses
- parity
- parity bit
- partial derivative
- partial product
- pascals triangle