i have a quick econ question thats really easy:

is the opportunity cost of something what you give up to by that something, or what you get to not buy it

Question

i have a quick econ question thats really easy:

is the opportunity cost of something what you give up to by that something, or what you get to not buy it

anonymous · Answer

Opportunity cost is the cost of any activity measured in terms of the value of the best alternative that is not chosen (that is foregone). It is the sacrifice related to the second best choice available to someone who has picked among several mutually exclusive choices  

-wiki

anonymous · Answer

opportunity cost is the next best alternate forgone

anonymous · Answer

its what you give up when you make a choice.. say i was deciding between buying a car or buying a house.. I CHOSE to buy the car so the house is the opportunity cost

anonymous · Answer

I just happen to be in Economics this semester lol

anonymous · Answer

to be precise the house will be the opportunity loss and the car opportunity gain