How to lower opportunity cost?

Question

852 viewsSeptember 2, 2021Economics

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Vizcarrondo December 2, 2012 0 Comments

It might be a completely stupid question but is it possible to lower opportunity costs? Do you know If a person can lower opportunity costs and how?

1 Answer

score 0 · Answer 1 · 2012-12-02T19:46:06+00:00

Opportunity cost effectively refers to what you are missing by doing something else. Let’s say that you are an employee of company ABC but if you were not working there, you would be self-employed making $AAA per week. The $AAA is your opportunity cost by choosing to be employed by ABC. It’s not always possible (sometimes not applicable) to try to lower your opportunity cost.