Opportunity Costs

An opportunity cost is the cost paid in place of something else that you may have wished to do. When economists speak of it, they are most likely speaking of things that they purchased, however, may have still wished to purchase something else. An example of an opportunity cost would be if I had 20 dollars to spend however I wanted, and I was given the choice of going to a 20 dollar party with a girl I've liked for a long time. As opposed to buying this game that I had been waiting on its release for years. I choose to go with the girl, and that was my opportunity cost, by paying for the party with the girl, I relinquish the OPPORTUNITY to buy the game. A personal example of Opportunity Cost would be when one time, I had only 5 dollars left in my pocket, and was extremely hungry. However, my friends wanted me to come to a small get-together party, admission cost-5 dollars. The party wasn't supposed to begin for 5 more hours, and IM HUNGRY!! So, I decided to wait for the party, and suffer for 5 hours with no food. Horrible I know...