Opportunity cost varies from time to time,as we age our eyesight goes as well,as we mature and grow our minds and souls grow stronger than ever. Over time our economy will rise with education and literacy about and on Historic History.
In economics, the opportunity cost is explained by the conflict of choice that an economic agent has in a scenario of scarcity, that is, when one can not have at the same time the objects of choice. By this concept it is explained that all the agents in the economy make choices that allow the best benefit, in exchange for a lower cost.
With this, the opportunity cost is also known as economic cost, because it is an opportunity that is no longer used.
Opportunity costs can be exemplified for any situation where a company will do something, but will have to give up something else. For example: If a company decides to make a renovation, it will have to stop buying new equipment or machinery for its production line.
