Economics GCSE
Opportunity Cost
What Opportunity Cost means in Economics GCSE, as defined for Pearson Edexcel.
Definition of Opportunity Cost
The value of the next best alternative foregone when an economic choice is made.
Topics that use Opportunity Cost
- The economic problem (Pearson Edexcel GCSE)
Related terms
Using Opportunity Cost in the exam
Definition questions usually carry one or two marks, and examiners look for the precise wording. Write the definition from memory, check it against the version above, and then use the term in a longer answer on the same topic so it sticks.
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