Question

Nick won a $1,000 lottery prize. He can't decide what he should spend the money on. For some time now, he has been planning to buy a gaming console, a bicycle, and a watch. But he also needs to save money for an overseas trip in the future.
He can give up the bicycle and the watch, but he really wants that gaming console. On the other hand, he also wants to experience a foreign culture. In the end, he decides to save the whole amount for the trip.

Which item is the opportunity cost of Nick’s trip?

Answer 1

The opportunity cost is the full cost of the trip