GlossariesGCSE GlossariesGCSE Business GlossaryOpportunity Cost

Opportunity Cost - GCSE Business Definition

Reviewed by: Steve Vorster

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Opportunity Cost refers to the value of the next best alternative that must be given up when making a choice. In GCSE Business , every decision involves trade-offs. Choosing to spend more time studying instead of working a part-time job, or deciding to allocate a school's budget toward new technology instead of sports equipment, means sacrificing one option to pursue another. Opportunity costs help businesses and individuals make informed decisions by considering the benefits and costs of various alternatives.

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Steve Vorster

Reviewer: Steve Vorster

Expertise: Economics & Business Subject Lead

Steve has taught A Level, GCSE, IGCSE Business and Economics - as well as IBDP Economics and Business Management. He is an IBDP Examiner and IGCSE textbook author. His students regularly achieve 90-100% in their final exams. Steve has been the Assistant Head of Sixth Form for a school in Devon, and Head of Economics at the world's largest International school in Singapore. He loves to create resources which speed up student learning and are easily accessible by all.

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