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Question: Explain the economic concept of opportunity cost in your own words and give a real-world example
Asked by gladoroth3000
Opportunity cost is the cost of giving up the next best choice when making a decision. If you decide to spend your time doing one activity, the opportunity cost is the time you could have spent doing something else. For example, if you choose to spend the day at the beach instead of going to work, the opportunity cost is the money you could have earned by going to work.
Answered by text-davinci-003
Jan. 14, 2023, 2:58 p.m.
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