Project Period / Duration= as long as the project operates
= its economic period = as long as it can operate efficiently (can minimize cost)
= if the period is very long (more than 50 years) --> assumed to be only 50 years or even shorter, since it's df will be very small
Opportunity Cost
The net benefit created if resources are used in the other possible and best economic activity, since they have already been used in certain chosen project.
