Economics? Opportunity & Real Cost? ?

Question

I understand that opportunity cost is the benefit of the next best alternative lost because of a particular choice.

But can someone explain what is meant by a REAL COST. plz

Answer 1

Real cost is the cost of getting something, i.e. what you have to pay for it, but real cost does not take into account the benefit of the next best alternative.

Answer 2

Real cost is actual cost, ie} monetary value of inputs.

Answer 3

There may be some help for you on www.tutor2u.net.

I focuses on GCSE and A Level economics, and has notes.

Hope this helps you. :)

Good Luck