ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A non-monetary opportunity cost is a sacrifice that is not related to money. Rather, it is related to the time cost lost while choosing one alternative over another. Here, the non-monetary opportunity cost of attending college is the sacrifice of time that person experienced to spend with friends.

Detailed explanation-2: -When a customer buys a product, he is not only spending money, he is spending other things as well. These things are called non-monetary costs and they are spent in the form of time, convenience, effort and psychology (Businessdictionary, n.d.).

Detailed explanation-3: -that which it costs a consumer, other than money, to buy a product; the non-monetary price of purchasing a product includes the time devoted to shopping for it and the risk taken that it will deliver the expected benefits.

Detailed explanation-4: -In many assessments there are non-monetary impacts such as environmental, social or health effects that can not be valued cost-effectively. These non-monetary costs and benefits must be taken into account and should not be regarded as any less important than the monetary values.