I dont undrestand what "opportunity cost" means. Can some1 explain it please????

Answer 1

Everything has a cost! These costs are simplified by calling them opportunity costs.
If you do something, it costs time labor cash ect
If you dont do it, you lose those things that would have been gained

Answer 2

Lemonade gives a good, basic description of how to analyze opportunity cost. If you take/use the highest value opportunity, you haven't actually 'lost' anything in the transaction. Some aspects of an opportunity are subjective, and not entirely monetary or economic.

The notion of an opportunity cost only applies when you can only choose one of a limited number of opportunities. You can only 'spend' a particular hour once; your time is valuable.

The two sites below discuss the concept very well.

Answer 3

The opportunity cost is the price you pay for an action. For every action you take there were alternatives that you could have chosen, and the benefits from those alternatives are the opportunity cost.

Answer 4

Opportunity Cost - The benefits you could have received by taking an alternative action.

Answer 5

OK (opportunity) you want national health care for everyone, in one hand. Now in your other hand is (cost) how much of your take home pay are you willing to give up in health care taxes to have this opportunity? Get the picture!!

Answer 6

put it in simple example:
If you do (A), you'll get abc.
if you do (B), you'll get def.
Having these two choices, the opportunity cost of doing (A) is def. as you're foregoing the benefits of the other choice. So it's a cost of not doing the next alternative. hope this helps.
goodluck!

Answer 7

http://www.netmba.com/econ/micro/cost/opportunity/

I like the simple explanation here. Try.

Answer 8

its the price you pay any time you take a risk and invest ...i think but i did finish economics in like 3 weeks.
check out something like
wikipedia.org