What do you mean by sunk cost?
I heard the term 'sunk cost' somewhere and I'm not sure what it means. Could you explain what a sunk cost is, and maybe provide some examples to help me understand it better?
What is sunk cost?
I recently came across the term 'sunk cost' and I'm trying to understand what it means. I know it's related to economics and decision making, but I need a clear explanation of the concept.