Give an example to illustrate how a person may incur an opportunity cost without paying anyone any money.

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Answer 1

Answer:

An example that addresses the opportunity cost without involving money, could be: You used your day off cleaning the house, when you could have gone to see your childhood friends.

Explanation:

Opportunity cost is usually established by spending money. This is because money is a scarce resource, which if used in one situation cannot be used in others. To create examples of opportunity cost without using money, we must use another scarce resource, such as time, for example. In this case, a good example would be the time spent cleaning the house, which could have been used to find old friends.

Related Questions

Imagine that you are a member of a team of scientists who are drilling into a large crater approximately 200 km wide. The crater was formed by an NEO impact that wiped out many species 251 million years ago. The drilling team will recover rock samples during the drilling process. You have some data to suggest that the crater is located between 500 and 1,500 meters below the surface. How will the drilling team know when the drill reaches the crater

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Answer:

Explanation:

The team will obviously known that they have reach the crater because during impact the rock would have ungergone contact melting of the rock. However, the rock maybe composed of angular fragments in a matrix that may be similar or a different material underneath the crater. Suppose the scientist drilling further down the surface, there will be presence of little or no impact. But inside the crater there will be fragments of broken rocks. They will observe the shocked minerals and the drill will eventually located the undisturbed sequence of rocks at the crater floor.

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