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Cost which does not involve cash outlay is called OPPORTUNITY COST.

This is the opportunity lost in choosing one option over the other.

For example, you have to decide between buying a new bag or a new jacket. You can't buy both because your budget is limited. If you opted to buy the new bag, then you lose the opportunity to buy the jacket. Thus, the jacket is an opportunity cost.
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That is opportunity cost it is nothing next best alternetive

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