Which economic concept is reflected by the expression "time is money"?

Name: Which economic concept is reflected by the expression "time is money"?
Brand: Quizplus
Rating: 4.9 (49 reviews)

Question

Quizplus · Accepted Answer

The expression "time is money" reflects the economic concept of opportunity cost, which asserts that the cost of any action is the next best alternative foregone. In this case, it means that every minute spent without generating income or output represents a loss of potential earnings or opportunity.

Which Economic Concept Is Reflected by the Expression "Time Is