What is an example of opportunity cost in business?

Opportunity cost is also known as economic cost. An example is, if more resources are used to produce cotton, then less resources will be available for production of corn. If more resources are used for production of corn, then less resources will be available for production of cotton. Hence, there is always a cost of having little more of one good in terms of the amount of the other good that has to be sacrificed. You can read about the Indian Economy Notes For UPSC Preparation in the given link.

Further readings:

  1. Bad Banks – Idea Proposed Due to COVID-19
  2. Cashless Economy in India – UPSC GS-III Notes

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