Pharma and Biotech Industry Management
Opportunity cost refers to the value of the next best alternative that is forgone when making a decision. This concept emphasizes that resources are limited, and every choice comes with trade-offs. Understanding opportunity cost is crucial for evaluating decisions in product development and balancing profit motives with public health needs, as it highlights the potential benefits that could be gained from different uses of resources.
congrats on reading the definition of Opportunity Cost. now let's actually learn it.