One method for studying opportunity cost is to think in terms of trade-offs. Trade-offs are used to describe and define what the opportunity cost is. A trade-off is a choice between two options. When talking about the economy, trade-offs refer to the various decisions and sacrifices that are made to obtain a product.
When one option is chosen over other options, the opportunity cost of the next best option is lost. It is also known as implicit cost. A trade-off is the opportunity cost of making a particular decision. For example, if a woman decides to quit her job where she earns 10,000 to go back to school, her opportunity cost is the salary she gives up when she goes back to school.
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