Opportunity
cost
incorporates
the
____________________
of
____________________
:
No
matter
what
we
do
,
there
is
always
a
trade
-
off
.
We
must
trade
off
one
thing
for
another
because
resources
are
limited
and
can
be
used
in
different
ways
.
By
____________________
something
,
we
use
up
resources
that
could
have
____________________
used
to
acquire
something
else
.
The
____________________
of
opportunity
cost
allows
us
to
measure
this
trade
-
off
.
The
opportunity
cost
of
something
is
what
you
sacrifice
to
get
it
.
Most
decisions
____________________
several
alternatives
.
For
example
,
if
you
spend
an
hour
studying
for
an
____________________
exam
,
you
have
one
less
hour
to
pursue
other
activities
.
To
determine
the
opportunity
____________________
of
an
activity
,
we
look
at
what
you
consider
the
best
of
these
"
other
"
activities
.
For
example
,
suppose
the
____________________
to
studying
economics
are
studying
for
a
history
exam
or
working
in
a
job
that
pays
$10
per
hour
.
If
you
consider
studying
for
history
a
____________________
use
of
your
time
than
working
,
then
the
opportunity
cost
of
studying
economics
is
the
4
extra
points
you
could
have
received
on
a
history
exam
if
you
studied
history
instead
of
economics
.
Alternatively
,
if
working
is
the
best
alternative
,
the
opportunity
cost
of
studying
economics
is
the
$10
you
could
have
earned
instead
.
