Question

Think of a recent decision you made. Review your decision in terms of opportunity cost. Do you think you made a wise decision?

Answer 1

Answer:

I had $3 to spend. I could have bought chips or a milkshake, but not both. I chose the milkshake. Because I chose the milkshake, I could not buy the chips. This is an example of opportunity cost.

Explanation:

Opportunity cost is basically what you miss out on when you make a decision.

Answer 2

The opportunity cost is the amount of time spent studying vs the amount of money spent doing anything else.

Opportunity cost:

A farmer decides to grow wheat; the opportunity cost is planting a different crop or using the resources in a different way. Instead of driving, a commuter takes the trin to work.

I only had $3 in my wallet. I had the option of purchasing either chips or a milkshake, but not both. I went with the milkshake.

I couldn't have the chips since I picked the milkshake. This is an example of what is known as "opportunity cost."

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