Question

what is cost defind in economics

Answer 1

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Economic cost is the combination of gains and losses of any goods that have a value attached to them by any one individual. Economic cost is used mainly by economists as means to compare the prudence of one course of action with that of another.

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Answer 2

Cost can be defined as an amount that has to be paid or given up in order to get something. In economics , cost is usually a monetary valuation of (1) effort, (2) material, (3) resources, (4) time and utilities consumed, (5) risks incurred, and (6) opportunity forgone in production and delivery of a good.

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