Sunk cost — Social Studies definition
A past cost irrecoverable under the present alternatives.
Where it is taught
- Scarcity, Opportunity Cost & Decisions at the Margin — Economic Foundations & Market Decisions, Government, Civic Participation & Economics, Grade 12
In use
Already irrecoverable spending is a sunk cost; the present choice should compare future feasible alternatives instead of trying to undo the past.
Scarcity, Opportunity Cost & Decisions at the Margin