Task: In your own words, explain what economists mean when they talk about opportunity costs. What are opportunity costs? Give some examples. And give some examples from your own life.
> Opportunity Cost simply means giving up something to get something else.
When economists talk about opportunity cost they mean that there is a decision made that they have to give up something then get something else.
For example, one would give up studying and just work and earn money, give up watching TV or playing video games and review for the Regents, etc. From my own personal experience, I gave up being with my brothers, other relatives and close friends and come here to America to continue my studies and get a decent stable job in the future.
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