Question

explain the concept of opportunity cost and reflect an occasion in recent weeks where the concept of opportunity cost applied to you.

Answer 1

Heya...

Opportunity cost is the value of its next best alternative use...

Or...

Opportunity cost is the cost of shifting from resource 1 to resource 2...

** Yes,,, the concept of opportunity cost that happened with me is that...

""" I had to go for essay writing competition and also for my quiz competition ,, now I had two choices or can say two sources,, but I had to select one...

If I would choose essay then I should sacrifice for quiz...

So I selected quiz and it that moment essay competition would be act as opportunity cost...

-- Be Brainly...

Answer 2

What Is Opportunity Cost? Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. ... Understanding the potential missed opportunities foregone by choosing one investment over another allows for better decision-making.