Final answer:
Opportunity cost is similar to a trade-off, representing the value of the next best alternative one gives up when making a choice. It can be measured in terms of time, money, or resources, reflecting the forgone opportunity in any decision.
Step-by-step explanation:
Opportunity cost can be most closely associated with a trade-off. It measures the cost of what we forgo when making a choice. For instance, if you decide to spend Friday night at the movies, but you also had the options of seeing a concert, volunteering at a soup kitchen, visiting your grandparent, or working at a part-time job, the opportunity cost is the value of the next best alternative that you gave up, which could be any of these activities depending on which one you value more after going to the movies.
An important aspect of opportunity cost is that it is not always measured in monetary terms but can also be considered in terms of time or other resources. For example, the opportunity cost for Alphonso of buying a burger might be the four bus tickets he has to give up to afford it. His decision will be based on whether the burger's value exceeds that of the bus tickets, his next best alternative.