Opportunity Costs

I believe opportunity cost is the value of what is given up for an alternative choice.

Yesterday was the perfect example of an opportunity cost. It was about 1:30 in the afternoon and my mom came in to see if I wanted to go to the Franklin Fountain, and ice cream place in Philadelphia. I had a choice: get up and go to the Franklin Fountain or go back to sleep. I chose to go back to sleep. Going to the Franklin Fountain would be the opportunity cost of going back to sleep.