Definition of Economic cost:
The sacrifice involved in performing an activity, or following a decision or course of action. It may be expressed as the total of opportunity cost (cost of employing resources in one activity than the other) and accounting costs (the cash outlays).
How to use Economic cost in a sentence?
- Our Economic Cost of buying computers will be more than buying all Thin Clients and for this reason alone I need more time to put together a better proposlal for the meeting next week.
- I wanted to know the economic cost of it because that would determine how much we could spend in the future.
- You need to know how to break down the total economic cost of a project before you decide to take it on.
Meaning of Economic cost & Economic cost Definition