sunk cost

Meanings

• Noun

  The total cost incurred on a project or investment that cannot be recovered, having been expended before a decision to abandon the project or before the investment has been disposed of.

  - "The company had sunk so much cost into the new product that they decided to continue production despite low sales."
  - "The sunk cost of the failed research project totaled millions of dollars."

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Variants

List of all variants of sunk cost that leads to same result
sang out , sing out , singing out , sings out , sung out

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Etymology

origin and the way in which meanings have changed throughout history.

Sunk cost is an economic term that comes from the concept of 'sunken' or 'submerged' costs, which are costs that have already been incurred and cannot be recovered.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Sunk cost is also known as 'irrecoverable cost' or 'committed cost'.

2. The concept of sunk cost is often used in the context of decision making, particularly in situations where continuing to invest in a project may not be the most rational choice due to the sunk cost.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Opportunity cost: Opportunity cost is the cost of forgoing the next best alternative when making a decision. It is closely related to sunk cost as both concepts deal with the cost implications of decision making.

2. Sunk investment: Sunk investment refers to an investment that has been completely used up or irreversibly committed, and whose value cannot be recovered. Sunk cost is a component of sunk investment.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Sunk cost is a common concept in business and economics, and has been the subject of extensive research in decision making and organizational behavior.

How to Memorize "sunk cost"

1. visualize
   

   - Imagine a ship that has sunk in the ocean, representing the sunk cost that cannot be recovered.

2. associate
   

   - Associate the term 'sunk cost' with the idea of money or resources that have already been spent and cannot be recovered.

3. mnemonics
   

   - Use the mnemonic 'Sunk Costs are Submerged and Unrecoverable' to remember the meaning of the term.

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