Opportunity Cost: Video Analysis

In the video, we learn that opportunity cost is choosing one thing over others. By making a choice, you are giving up one thing in order to do the other, which is the cost, Ben Franklin use the saying "time is money", to explain opportunity cost. If we give up a half a day of work we lose the opportunity to make the money for that time.

One of my favorite activities is being outdoors, such as, hunting, fishing, or just riding in the boat. I often give up getting ahead on household chores, participating in certain peer events, and other opportunities; these are the opportunity cost. I place a high value on being outdoors, because it gives me a since of freedom.

The opportunity cost of taking this class, is that I miss out on doing other things