Foregone

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Foregone is a term that can refer to several different concepts depending on the context in which it is used. It is often used in economics, literature, and general discourse to describe something that has been given up or is inevitable.

In Economics

In economics, the term "foregone" is frequently used in the context of opportunity cost. Opportunity cost refers to the value of the next best alternative that is not chosen. For example, if a person decides to spend money on a vacation instead of investing it, the foregone interest that could have been earned from the investment is considered the opportunity cost.

In Literature

In literature, "foregone" can describe events or outcomes that are inevitable or predetermined. This usage is often found in narratives where the outcome is known to the reader or characters from the beginning, creating a sense of inevitability. A famous example of this is the concept of a foregone conclusion, which is an outcome that is certain to happen.

General Usage

In general discourse, "foregone" is used to describe something that has been given up or sacrificed. For instance, foregone earnings refer to the potential income that one could have earned but did not, due to choosing a different path or making a different decision.

Related Concepts

• Opportunity cost
• Foregone conclusion
• Inevitability
• Sacrifice

See Also

• Economics
• Literature
• Decision making
• Cost-benefit analysis