1.2.3 Opportunity Cost Definition acquire or achieve something, up to The value of that which be give the cost expressed in terms of the next best alternative sacrificed Helps us view the true cost of decision making Implies valuing different choices ■ Examples Bill Gates picking up 100 dollars Going to the movies instead of studying 1616 1.2.3 Opportunity Cost ◼ Definition ◼ The value of that which be given up to acquire or achieve something. ◼ the cost expressed in terms of the next best alternative sacrificed. ◼ Helps us view the true cost of decision making ◼ Implies valuing different choices ◼ Examples ◼ Bill Gates picking up 100 dollars ◼ Going to the movies instead of studying