Opportunity cost for an individual
Imagine you have 100 dollars in your pocket and you want buy two games. The cricket game is worth 80 dollars and the hockey game is worth 75 dollars.
What happened right now?
Well this is called scarcity and now you will have to make a choice. The choice you make is because of scarcity. Opportunity is the next most desirable thing you had to leave in order to
If you buy cricket game, the opportunity cost of buying cricket game is football game
If you buy football game, the opportunity cost of buying football game is cricket game