non-monetary opportunity costs

One of the most critical concepts in economics is the concept of opportunity costs. It is the most fundamental issue of economics as a social science and explains the decision-making and behavior of economic subjects (or agents). Economic agents are private households, firms, and the government as a public household. While explaining the economic concept of opportunity costs, focus on why people choose to do, consume, or even spend time and resources on what they do. How do you make your choices and decisions? 1. Introduction: Definition of Opportunity Costs How can we define opportunity costs? Opportunity costs are costs […]