Opportunity cost is a concept in economics that refers to the value of the next best alternative that is forgone when making a choice — i.e., the cost of the best alternative that is not chosen.

The world of microeconomics and business decision-making hinges upon a key concept: marginal cost. In the simplest terms, marginal cost represents the expense incurred to produce an additional unit of ...

Managing and reducing cost continues to be one of the primary focal points of business and governments today. In many organizations, more than half of the total revenue is spent on goods and services ...

Accounting is often referred to as the language of business because it is the concept that presents information to business leaders who need it to make important decisions. It condenses the activities ...

One reason that safety initiatives can struggle to achieve sufficient support is that those of us responsible for safety in our organizations haven’t consistently conveyed the total injury costs to ...