Opportunity cost can be
defined as the value of something when we chose a particular course
- If someone gives up going
to see a film to prepare for the studies for acquiring a good
grade. Here the opportunity cost is the cost of the film and also
the enjoyment by watching it.
- A baseball player take part
in the training to be a better player rather than taking a
vacation. Here the opportunity cost was the vacation.
- If you planned not to go to
a job or work, the opportunity cost is the loss of income or
- John decided to quit
working and got to college for higher studies. The opportunity cost
of this particular decision is the loss of income for that
- The opportunity cost of
taking a leave or a vacation instead of spending money on buying
new commodities is not getting the new commodities.