Question

What is opportunity cost? Give a personal example, from your life, concerning opportunity cost.

Answer 1

Answer:

opportunity cost is the idea of giving something up in order to get something

Explanation:

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).