Define cost or What does cost mean in economics?

1.	Define cost or What does cost mean in economics?
Answer» Solution :An AMOUNT that has to be paid or given up in order to GET something. In business, cost is usually a monetary valuation of (1) effort, (2) material, (3) RESOURCES, (4) time and utilities consumed, (5) risks incurred, and (6) opportunity forgone in production and delivery of a good or service.Economic cost is the combination losses of any GOODS that have a value attached to them by any one individual. Economic cost is used mainly by economists as MEANS to compare the prudence of one course of action with that of another.

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