Think about all of the choices you make on a day-to-day basis: everything from driving versus riding

Question:

Think about all of the choices you make on a day-to-day basis: everything from driving versus riding a bike to school or deciding where to have lunch. Pick three decisions you have made today. Identify an out-of-pocket and for each decision.

Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...