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Define and explain the concept of opportunity cost by giving suitable examples?
Hayatakbar
Opportunity Cost is the value of the time lost due to a decision one makes. For example, when LeBron James was in High School, he was faced with this decision: Do I skip college and go straight to the NBA? Or do I just go to college and get drafted to the NBA later? Here, Lebron made a good decision (in terms of money at least), to skip college and go straight to the NBA. If he had not, and decided to go to college, his opportunity cost for that decision would have been the $90 million so odd endorsement contract from Nike, as well as the value (for the duration that he would spend in college) of his Cleveland Cavaliers contract. In other words, Lebron's opportunity cost if he had stayed in college would be the money he would have missed out on by staying in college.
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