If a student decides to spend an hour studying for an economics exam instead of working at their part-time job, what is the opportunity cost of studying?

The opportunity cost of studying for an economics exam instead of working at a part-time job is the value of what the student gives up by not working. In this case, it is the money the student could have earned during that hour at their job. For example, if the student usually makes $15 per hour at their job, then the opportunity cost of studying is $15. This means that while studying might help improve their understanding of economics, they are also losing the chance to earn that money. Understanding opportunity cost helps students make better decisions by showing them what they are sacrificing when they choose one option over another.