Opportunity Cost Discussion Prompt Economic resources are scarce. Scarcity refers to the limited nature of society's resources, given society's unlimited wants and needs. Scarcity forces choice-maker to tradeoff. Tradeoff means to give up one choice to obtain another. In other words, there is 'no free lunch'. In economics, we measure this tradeoff as opportunity cost. Opportunity cost is the next best alternative that you have to give up in order to obtain the choice you have made. Let's make this abstract economic concept concrete and personal by discussing the opportunity cost of your class choice. Instructions Initial Reply: Based on your understanding of the opportunity cost, please tell us: At least one opportunity cost of attending school At least one opportunity cost of taking an online class At least one opportunity cost of an in-person class Reply to peers: After your initial post, you are allowed to see other's posts. Please reply to at least one of your peers which you didn't think earlier as your opportunity cost, and what makes it interesting. Grading Criteria: You will earn five points for this discussion. Three points for completing an initial reply and two points for your replies to peers. You have to complete, all of the requirements to earn credit. Discussion Support To post or reply to a discussion board, click Reply below and enter your posts in the text box provided. Next, reply to classmates with comments/questions on their posts. When you are done, click Post Reply to complete yur assignment. To learn more about participating in a discussion board, review the Discussion Canvas Guides