+Economic Cost is the full value sacrificed when a [Choice](/wiki/choice) is made. It encompasses the [Opportunity Cost](/wiki/opportunity_cost) of the next best alternative forgone, reflecting the inherent reality of [Scarcity](/wiki/scarcity).
+## See also
+- [Trade-off](/wiki/trade-off)
+- [Resource Allocation](/wiki/resource_allocation)
+- [Decision Making](/wiki/decision_making)
... 1 more lines