Time opportunity cost is the concept that when you use your time to do something, you are giving up the chance to do something else. It’s an economic principle that emphasizes the importance of making efficient decisions with your time in order to maximize your output. This can be applied to businesses as well, where it is essential to make sure all resources are allocated efficiently so that maximum value can be gained for minimal input. By understanding time opportunity cost, businesses can understand the tradeoffs between short-term and long-term goals and make more effective decisions about how to allocate their resources over time.