what is opportunity cost
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Answer:
In microeconomic theory, the opportunity cost, or alternative cost, of making a particular choice is the value of the most valuable choice out of those that were not taken. In other words, opportunity that will require sacrifices. for ex. if person work at one place and get 2000₹ and he left and shift in another job and he will get 5000₹ and again he shift in another job and get 10000₹ and he sacrifice the 5000₹ job so his sacrifice is opportunity cost
When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else.