This question does not have a simple answer, since the idea has been around for a long time in various forms. Adam Smith wrote about how people have to work to produce things, and so production used to make one thing (in his example, beaver skins) can't be used to make another (deer). David Ricardo, Karl Marx, and Leon Walras further developed the theory of value. The "Austrian Marginalists," such as Karl Menger, Eugen Böhm-Bawerk, and Fredrick Wieser figured out that it was the marginal not the average benefits and costs that determined price, not the average benefits and costs.
Frank Knight and Alfred Marshall worked on how supply and demand interact with opportunity costs, but never developed the full modern version of opportunity costs. It was not until Mises, Robbins and Hayek came along that a full modern subjectivist concept of opportunity cost was developed, but they certainly did not figure it out on their own.
My reference is mostly James Buchanan's "Cost and Choice," which provides an excellent history of opportunity costs. A full version is available here: http://oll.libertyfund.org/index.php?option=com_staticxt&staticfile=show.php%3Ftitle=1068&Itemid=27
Sorry for not giving you a shorter answer. If you need it for a quiz or something, I would say put Fredrick Wieser, who coined the term.
Opportunity Cost can vary depending on what you are giving up exactly.
"Opportunity cost" could be opportunities for US/Iraqi contract employment for bettering their nation.
opportunity cost of saving is when you save money then economically spend from your saving this may vary to what person you are
The opportunity cost were the consumer goods and services.
The cost of passing up the next best choice when making a decision. For example, if an asset such as capital is used for one purpose, the opportunity cost is the value of the next best purpose the asset could have been used for. Opportunity cost analysis is an important part of a company's decision-making processes, but is not treated as an actual cost in any financial statement.
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
Opportunity cost is something for the next porpose.
Yes, opportunity cost is a relevant cost because it can be used in something more productive.
Opportunity cost is what you give up in order to get something else. Paying money is the opportunity cost for ice cream for example.
Opportunity Cost can vary depending on what you are giving up exactly.
As we decide to choose more units of anything, the opportunity cost of each additional unit will rise. This means that the opportunity cost of the second unit will be greater than that of the first unit. The opportunity cost of the third unit will be greater than that of the second unit. And so forththe law of opportunity cost states that the more of a product that is produced,the greater is its opportunity cost,hence increasing marginal opportunity cost in simple terms refers to an extra or additional opportunity cost of foregoing other products to produce a unit of another product
The opportunity cost of holding money is the nominal interest rate.
The scarcer the resourse the greater the opportunity cost
Real cost is the price which is real not a fake price
Opportunity cost is fundamental in understanding the true economist cost (and thus profitability) of actions.
Opportunity cost does not decrease, it increases, according to the law of increasing opportunity costs. This law states that the more of a product you produce the less efficient production of it will be and the more opportunity cost they will incur.