Albert decides to go to tutoring instead of an extra basketball practice. What is the opportunity cost?

Carlos wins two tickets to this year’s Super Bowl. Since he is a 49ers fan, he decides to take four days off of work. What is the opportunity cost?

Charles goes to Gamestop with only $50. They have the new Call of Duty for $49.99 or a sale on controllers for $35. Since the controller was on sale, he decides to buy it. What is the opportunity cost?

Melvin went to Sizzlers. He wanted to buy lobster, but discovered that there was a  $25 special of steak and shrimp. He decides to order that instead. What is the opportunity cost?

The value of the most important thing you give up when you make a decision (the next best alternative) is...

Mrs. Prince has $50 and she goes to Macy’s. They have a dress on sale for $45 and a pair of shoes on sale for $48. The shoes were originally $150, so she buys them. What is the opportunity cost?

If you don’t really care about the option you didn't choose, the opportunity cost is low.

Every time you make a decision, there’s a list of tradeoffs you make

The lowest value tradeoff is your opportunity cost