One of the lamentable facts of life is that nobody can have everything that he or she wants. This is due, in part, to scarce resources. Whether a teenager with a part-time job or a wealthy business-person, no single person owns all of the money in the...

Opportunity Cost An opportunity cost is defined as the value of a forgone activity or alternative when another item or activity is chosen. Opportunity cost comes into play in any decision that involves a tradeoff between two or more options. It is...

The non-monetary cost of undertaking an action or performing a function. Such a cost comprises the use of resources, locations and time that would otherwise be available for other purposes. Generally for something to be described as an opportunity cost...

Opportunity cost is a central concept of microeconomics. A focus on opportunity cost rather than measures of accounting cost is a central characteristic of economic...

A few days before the State of the Union address and the budget message, a member of President Bush's Cabinet laid down the proper marker for judging those two basic presidential documents. "People don't expect the president to have specific answers for every problem...

Three years ago when the U.S. Census Bureau released its findings of 2002 population estimates, the figures showed that for the first time the Hispanie population (an ethnic classification that includes some people who identify racially as Black) outnumbered the Black population in the...

I have never owned a new car and probably never will. As I've mentioned in other posts, I believe a new car is generally a wasteful purchase because of the upfront depreciation. I believe it's more prudent to purchase a low-mileage automobile that is about...

A millionaire thanks to his work as a venture capitalist, Mitt Romney is acutely aware of the motivating power of money. His presidential campaign hopes it will have a similar effect on college students, which is why it's offering them a cut of their fundraising.Participants...