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

The opportunity cost of a decision is what you give up in order to make that choice. In this case, if a student spends an hour studying for an economics exam instead of working a part-time job, the opportunity cost is the money they could have earned during that hour. For example, if the student usually makes $15 an hour at their job, that $15 is the cost of choosing to study instead. This concept helps us understand scarcity, which means we have limited time and resources, so we need to make choices about how we use them. By recognizing opportunity costs, students can better weigh their options and make decisions that align with their goals.