opportunity cost

Every
decision has an Opportunity Cost due to the nature of scarcity, there
is always a better alternative not chosen, therefore, there is always an
opportunity cost. “The opportunity cost of an alternative is what you
give up to pursue it” (Froeb, McCann,Shor & Ward, 2016). When you go
to a Maroon 5 concert, you give up $100 of benefits you would have
received if you had gone to a Beyoncé concert. Also, you would also
avoid $80 of cost for the Beyoncé concert. According to the definition
below, the opportunity cost of seeing Maroon 5 concert is $100 – $80 =
$20. Please delve into the statement there are always opportunity
costs. How can an individual make the best decision? Is there a best
decision? Would one miss an opportunity not attending one of the
concerts? Include a minimum of one reference.

respond
to the prompt or prompts in the discussion forum. Then espond to two additional posts from your peers.

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