Question

Provide an example of how you have dealt with opportunity cost – use your professional life, school life and/or your personal life – and discuss what the opportunity cost was/is and how you dealt with it. Are you happy with the choice you made?

Answer 1

Answer

Opportunity cost is the loss of other alternatives when one of the opportunities is chosen .

We can see that while we were in class 10th we were given various opportunities to choose between the stream . While choosing for commerce the opportunity cost of science stream art stream were less than the commerce stream that was chosen by me . The opportunity cost that I lost by taking commerce was that by opting for science art of biology I could have become a engineer, doctor etc but that opportunity is lost due to choosing of commerce as a stream .

And yes I am happy by choosing my commerce stream rather than science and art or biology .