Opportunity cost is a concept in economics that refers to the value of the next best alternative that is forgone when making a choice — i.e., the cost of the best alternative that is not chosen.

Opportunity costs may have explicit financial costs, like when you choose to use your dollars for one thing instead of another, or implicit costs. The latter won’t hurt your wallet but will cost you ...

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Money is one of the most widely recognized brands in personal ...