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The concept of "opportunity cost" is one of the foundations of economics, whether macroeconomics or microeconomics. When we make a decision - any decision - we give up an alternative choice. Whatever we give up or lose in this alternative decision is the opportunity cost. Think of this as a missed opportunity. Many decisions - especially decisions concerning "economics" - usually involve time and/or money - both are resources, and both are scarce or limited. We have only so much money to spend and we have only 24 hours in a day.
A simple example of opportunity cost is this: I decide to spend the day at the mall to buy a new outfit. What am I giving up? I am giving up 8 hours of time that could be spent doing something else and whatever money ($200?) for a new outfit. The opportunity cost of this trip to the mall would be the best alternative to these acts. Is there a better way to use this day? Is there a more productive way to spend $200? Perhaps the best alternative would be to spend that day working on my homework for ECO202, or earning money in a part time job, or spending quality time with my family. The $200 might be better off invested in an account that earns interest, or spent on food for my family or put towards a credit card bill. If I am to make the best and most economical decision, I have to weigh opportunity costs (as well as any marginal costs).
Please answer the following questions (in two separate posts):
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