A trade-off is what you have to expend in order to pursue an option, while an opportunity cost is what you miss out on by not pursuing a better option. In the cookie example above, the trade-off ...

What Is an Implicit Cost? An implicit cost is a cost that involves no exchange of money and is not necessarily shown or reported as a separate expense. It represents an opportunity cost that ...

The theory of opportunity cost Societal resources are limited. As a result, individuals inevitably face trade-offs when making decisions. For example, if an investor decides to put $100 into ABC ...