Opportunity Costs

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.

An opportunity cost is quite simple to understand. It is something that is given up for something else. In the topic of economics, an opportunity cost is applied dead on within the stock market. You are taking your chances on a certain stock over others, and not knowing what the circumstances might be. Maybe a stock you buy goes down, and the stock you thought of buying goes up. An opportunity cost to me is a gamble between time and money most of the time. Of course, the ideology of opportunity costs can be applied to everyday life, such as cutting a class to hang out with friends, or going to class and getting the most out of it for your future. End college with a bachelor's or continue studying for a better degree. Even something as simple as buying an Xbox 360 or a Playstation 3. Everything has its positives and its negatives, chances that you take when choosing one thing over another.