The
value of opportunity forgone (strictly the best opportunity forgone), as a
result of engaging resources in an activity (see opportunity cost); there
can be a cost without the exchange of money; range of costs (and benefits)
included in a particular economic evaluation depends on perspective taken;
average costs are average cost per unit of output (i.e., total costs divided
by total number of units produced); incremental costs are extra costs
associated with intervention compared to alternative; marginal cost is cost
of producing one extra unit of output. |