What are Opportunity Costs?

Question

What are Opportunity Costs in a simple explaination.

and a simple example of it.

who ever answers with an answer that i am looking for i will award the 10 points to.

Answer 1

Opportunity cost is the cost of the alternative.

Example: I went to a shop with 1 dollar. I can buy chocolate for 1 dollar or orange juice for 1 dollar. Since I can only buy one then the one I don't buy is the opportunity cost. So if I buy the juice then the chocolate is the opportunity cost.

Answer 2

They are the  things that you sacrifice to obtain something else.  For example, the time you spend commuting is an opportunity cost of having a job.

Lots of definitions here:

http://www.google.com/search?q=define%3A...