Accessibility

In association with

  • APCRC
  • West
  • NHS

Cost

The economic definition of cost (also known as opportunity cost) is the value of opportunity forgone, strictly the best opportunity forgone, as a result of engaging resources in an activity. Note that there can be a cost without the exchange of money. Also the economists’ notion of cost extends beyond the cost falling on the health service alone (e.g., includes costs falling on other services and on patients themselves).