Economic Cost

Business, Legal & Accounting Glossary

Definition: Economic Cost


Economic Cost


Full Definition of Economic Cost


The total cost of choosing one action over another. The economic cost includes the accounting cost, or actual funds spent carrying out the action, and the opportunity cost, or the amount of money that could have been made by using funds and other resources dedicated to the action on some other objective.


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https://payrollheaven.com/define/economic-cost/
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Economic Cost. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
March 29, 2024 https://payrollheaven.com/define/economic-cost/.
Chicago Manual of Style (CMS):
Economic Cost. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/economic-cost/ (accessed: March 29, 2024).
American Psychological Association (APA):
Economic Cost. PayrollHeaven.com. Retrieved March 29, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/economic-cost/

Definition Sources


Definitions for Economic Cost are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.