Hamid spends an hour studying instead of watching tv with his friends. The opportunity cost to him of studying is the enjoyment he would have received if he had watched TV with his friends.
Opportunity cost is the time you spend studying and the money you spend doing something else. The farmer decided to plant wheat. Opportunity cost is to grow another crop or use resources (land and farm tools) in another way.
Opportunity cost is an economic term that refers to the value of something you have to give up in order to choose something else. In short, it's the value of the path it didn't take.
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