Opportunity cost is defined as the next highest alternative use of resources. My opportunity cost for...

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Opportunity cost is defined as the next highest alternative use of resources. My opportunity cost for taking this course is earning credits which will help to fulfill general education requirements that will help me to complete the degree while I spend the time completing the course work which could be spent on sleeping or earning money. Since you only have a limited number of resources, every time you decide how to use them, you also decide not to use other options. The term "opportunity cost" is used by economists to describe what must be sacrificed in order to obtain a desired outcome. Opportunity cost is defined as the next highest alternative use of resources. My opportunity cost for taking this course is earning credits which will help to fulfill general education requirements that will help me to complete the degree while I spend the time completing the course work which could be spent on sleeping or earning money. Since you only have a limited number of resources, every time you decide how to use them, you also decide not to use other options. The term "opportunity cost" is used by economists to describe what must be sacrificed in order to obtain a desired outcome.

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