Explain the concept of an opportunity cost with an appropriate example

Explanation:

Opportunity cost is an economics tool that is useful in the process of making a choice of goods and services in order to ensure that scarce resources are used efficiently.

The opportunity cost of a product or service is the name given to an income that could be earned when such product or service is put to an alternative use.

It can also be described as the cost of the alternative forgone to achieve a particular product or service

For an example , if a student decides to give up on watching a movie to study for his exam , the opportunity cost of the exam is the cost and pleasure related to the movie

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the amount of money taken by a business in a particular period.

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