Opportunity cost is the cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen).
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- Only give up a thing when you want some other condition so much that the thing no longer has any attraction for you, or when it seems to interfere with that which is more greatly desired.
- Mohandas Gandhi, quoted in Gandhi: His Life and Message for the World by Louis Fischer
- There ain't no such thing as a free lunch.
- Variant: There's no such thing as a free lunch.
- Popular saying dating back to the 1930s; sometimes attributed to Milton Friedman.