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

The opportunity cost of choosing to work at a part-time job instead of studying for an exam is what the student gives up by not studying. This could mean losing the chance to learn important material that might help them do well on the exam. For example, if the student could have studied for three hours and felt more prepared, that time spent working means they might not perform as well on the test. Therefore, the opportunity cost includes not just the lost study time, but also the potential lower grade on the exam. Understanding opportunity cost helps students make better decisions by considering what they are sacrificing when they choose one option over another.