The opportunity cost in the scenario above is the three lost possibilities, Harry could have undergone but decided to go to his parents house.
- Hid plans to paint his flat that weekend.
- He considered also going fishing for the weekend.
- Hi friend Theo request to the surprise birthday reception for another friend.
<h3>What is the opportunity cost in the scenario?</h3>
“Possibility cost is the weight of the next-best option when a decision is made; it's what is given up,” describes Andrea Caceres-Santamaria, aging financial education specialist at the St. Louis Fed, in a current Page One Economics: Money and Skipped Opportunities
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