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What is opportunity cost?

Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. The idea of opportunity costs is a major concept in economics.

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Explanation:

Opportunity cost is when you lost an opportunity/chance to benefit from something because you took the wrong alternative/choice resulting in a loss of benefit.

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explanation:

max weber's 3 types of authority. the sociologist and philosopher  max weber  distinguishes  three types of authority—charismatic,  traditional  and legal-rational—each of which corresponds to a brand of  leadership that is operative in contemporary society.