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. In economics, opportunity cost is the cost of a given choice between possible activities or choices. To understand an opportunity cost, you must first understand the concept of marginality: Each choice we make is influenced by the choices we have already made. Then, you must consider what each choice would cost you, or what you would have to give up to make that choice.

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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

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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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This article was generated in part by one of OpenAI’s large-scale language-generation model, answering user gladoroth3000's question. Images were generated with OpenAI's AI model, DALL·E 2. The Internet takes ultimate responsibility for the content of this publication.
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Published: Saturday, January 14, 2023

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