Year of publication 1986

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Pages 66 p.

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Author Sessions, J.

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Product type Document

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Edition 1

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Synopsis (short abstract) Cost is of vital importance to all industry. Costs can be divided into two general classes; absolute costs and relative costs. Absolute cost measures the loss in value of assets. Relative cost measures the unfavorable side of any decision that is made. Relative cost always involves a comparison between the chosen course of action and the course of action that was rejected. This cost of the alternative action--the action not taken--is often called the "opportunity cost".

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Language English

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