In your own words, explain what economists mean when they talk about opportunity costs. What are opportunity costs? Give some examples. And give some examples from your own life.
Opportunity cost is the cost of pursuing one choice instead of another. Usually the choice made is more beneficial than the one sacrificed. Sometimes in life you cannot do everything you want and what you really want to do is not what is best for you.
Some examples of opportunity costs will be not working. You can decide not to work and stay home and sleep late, but you will not have money. Also, you can decide to go to college instead of working. You will have debts from college but you will get an education.
Some examples in my life: going to high school instead of staying home, planning to go to college instead of working, postponing that trip for a later date to save money to move out.
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