Opportunity Costs

An Economist is a person who studies, develops, and applies theories and concepts from economics, and who writes about economics policies. Opportunity Cost is the costs of something in terms of an opportunity forgone (and the benefits that could be received from that opportunity), or the most valuable forgone alternative. An Example: someone having a video game can choose to watch a program or play the video game on the TV; they can't do both simultaneously. Whichever one they choose is a lost opportunity to experience the other.