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A loss of 5 points in economics for every 1 point earned in biology.
What does the opportunity cost mean?
According to microeconomic theory, the value or advantage forfeited by engaging in a specific activity in comparison to engaging in an alternative activity is known as the opportunity cost. . Simply put, it indicates that choosing one course of action (such as making an investment), you are forgoing the chance to choose another course of action. The best activity is the one that, after deducting opportunity costs, has the highest return when compared to all other activities. For instance, if you purchase a car and use it just for personal transportation, you are not permitted to rent it out; yet, if you do, you are not permitted to use it for personal transportation. The best option is to drive yourself if the cost of getting around without a car is more than the benefit of an automobile rental.
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