Mr. Scott is hungry so he decides to go to the vending machine. He considers buying a bag of chips, a cookie, and a Snickers bar. However, he only has enough money to buy one of those items. If he decides to buy the Snickers bar, what is his opportunity cost?

If he decides to buy the Snickers bar, his opportunity cost is not to buy the bag of chips or the cookie.

Explanation:

Opportunity costs are the costs of an economic choice expressed in terms of the best missed opportunity: it values ​​the unrealized return of the best possible alternative compared to the final decision made.

When a person strives to satisfy his needs in times of scarcity, he has to make choices between different options. The choices made thus have an opportunity cost. The opportunity cost of a particular choice indicates what the decision-maker who made the choice has to give up when he decides to use his limited resources to implement the option he has chosen.

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