Opportunity cost

As a result of choosing one option over another, you calculate opportunity cost (also called an implicit cost). Intangibles like time with friends and family and tangible trade-offs like money come into play.

The concept of opportunity cost occupies an important place in economic theory. Wieser first developed the concept.

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Thanks to everyone who submitted economics posters. Here are a few of our favorites.

"Opportunity cost is the understanding that for every new opportunity that we accept, such as losing weight, there is another opportunity that we must let go of, such as eating junk food. Here’s an example to illustrate the point:..."

Ask The Expert: OH Member Michelle sent a few of her questions in to AskOH@ObesityHelp.com and Doctor Simpson answered!

If you're anything like me, there are always a thousand projects rolling around in your head. I tend to float from one idea or project to the next and

A ¥en to Trade lessons are written to help middle school students understand the basic rationale for making trades, the gains possible from trade, and how trading is done. Through simulations and other active-learning strategies, the lessons teach fundamental economic concepts such as scarcity, economic wants, resources, goods and services, opportunity cost, and money, as well as international trade concepts such as exports, imports, tariffs, quotas, exchange rates, and trade routes.

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