In economics, the cost of something is:

Question

Quizplus · Accepted Answer

The cost of something is what you give up to get it, also known as the opportunity cost. It may or may not include the out-of-pocket expense, but it always includes the value of the next best alternative that you could have chosen instead. Time may be a factor in the cost, but it is not always the primary consideration. The cost can vary depending on the individual's perspective and circumstances, so it may not always be higher than people think.

In Economics, the Cost of Something Is