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In your own words, explain what opportunity cost is? Did you know about this concept? Give an example.
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35 votes
35 votes
In your own words, explain what opportunity cost is? Did you know about this concept? Give an example.

User Bas Slagter
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23 votes
23 votes

Answer:

A student spends three hours and $20 at the movies the night before an exam. The opportunity cost is time spent studying and that money to spend on something else. A farmer chooses to plant wheat; the opportunity cost is planting a different crop, or an alternate use of the resources (land and farm equipment).

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User Olivier Wilkinson
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