You have $20 available to spend on things you want to do this afternoon. Steve wants you to go to the driving range with him to hit golf balls. Randy asked
you to go eat at Rudy's with him. Mike said he can get some cheap seats to see the Spurs play Golden State. You really need a new pair of jeans. You
decide the practical thing to do is to buy jeans. The Spurs game would have been your next choice, but you couldn't afford to do everything, so the Spurs
game is considered the
because it was your next best alternative.
Interdependency
Scarcity
Opportunity Cost
nility