Kyle Burroughs has decided to put $30 more per week in his savings account. He knows this will reduce his ability to go out to eat each week but thinks building his emergency fund is important. This would be an example of opportunity cost.
Opportunity cost is the potential profit wasted by choosing a different course of action while evaluating several investments or business ventures.
Opportunity Cost aids us in selecting the greatest alternative out of all those offered. It assists us in making the most skillful and effective use of all available resources to maximize economic benefits.
This loss of gain is also referred to as the alternative cost and would have occurred if a different option had been chosen.
Learn more about opportunity cost, here:
https://brainly.com/question/13036997
#SPJ1
