Question

can you simplify this for me

Opportunity cost refers to the concept in economics that expresses the idea of sacrificing the next best alternative when making a decision. In other words, it is the cost of forgoing the next best alternative when a choice is made.

Answer 1

[AI-generated answer — Bot GPT 3.5]

Opportunity cost is what you give up when you choose one option over another. It's the value of the next best thing you could have chosen instead.