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Social studies · Grades 6–12

Opportunity cost

Study guide for Grades 6 to 12: 2 worked examples and 2 practice questions. Every choice uses scarce time or money. The opportunity cost is only the next-best option you give up, not every option.

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Rule and key idea

Every choice uses scarce time or money. The opportunity cost is only the next-best option you give up, not every option.

opportunity cost = the next-best choice given up

Worked examples

Priya has one free Saturday afternoon and ranks the options: 1) visiting a grandparent, 2) going to a movie, 3) going to a museum. Priya chooses visiting a grandparent. What is the opportunity cost of this choice?

The next-best option given up is going to a movie.

going to a movie

Priya has one free Saturday afternoon and ranks the options: 1) going to a museum, 2) practising piano, 3) volunteering at an animal shelter. Priya chooses going to a museum. What is the opportunity cost of this choice?

The next-best option given up is practising piano.

practising piano

Try two questions

  1. Priya has one free Saturday afternoon and ranks the options: 1) playing soccer with friends, 2) going to a movie, 3) going to a museum. Priya chooses playing soccer with friends. What is the opportunity cost of this choice?

    1. nothing, because the afternoon was free
    2. playing soccer with friends
    3. going to a movie
    4. going to a museum

  2. Theo has one free Saturday afternoon and ranks the options: 1) going to a museum, 2) visiting a grandparent, 3) playing soccer with friends. Theo chooses going to a museum. What is the opportunity cost of this choice?

    1. visiting a grandparent
    2. nothing, because the afternoon was free
    3. playing soccer with friends
    4. going to a museum

Answers and reasoning

Answers and marking notes
  1. going to a movie

    The next-best option given up is going to a movie.

  2. visiting a grandparent

    The next-best option given up is visiting a grandparent.

How this page was made: written for StudyBrix with AI assistance from our own templates. Answers and worked examples are checked by automated tests, and grade bands are approximate, not an official curriculum alignment. See the editorial policy for corrections. Editorial policy