Am I beyond measure??

                      How often are we able to measure few things which are qualitative in nature?? Here in economics, opportunity cost is one such thing which is measurable in terms of either quantitative basis or qualitative basis. The following are two examples which states both the types of measure.

Opportunity cost

It is the cost of giving up something for getting another benefit.

In the pure economic sense, it is – “The cost of something is what you give up to get it”.

Example 1: Every Saturday we have to go out for dinner & I being a person who gives much importance to the hygiene & the environment of restaurant, chose Vaishnavi palace to be the best place as per my requirement. However, I couldn’t afford spending my money(apart from other expenses) in that restaurant for more than 2 times a week. So I decided to have my meals at the mess as often as possible so that I could spend my money on weekends. Here my opportunity cost is cost of not having a meal for more than twice in a week.

Example 2: Last month I had an opportunity to go home & stay for 2 days. However, I went out with my friends for assignment purpose & spent time shopping later on. Here my opportunity cost was not going home & meeting my parents.