Opportunity Cost

What are opportunity cost?
- The definition of opportunity cost is the cost people pay in order to choose something over something else. For example, when I have certain amount of money, I have many options to spend that money. I can go buy myself food or I can just decide to give it to my little brother. If I choose to buy myself food with that money, then I won't be able to give my little brother. If I give my money to my little brother, then I won't have money to buy myself food and I'll get hungry.
Another example is when I have economic homework due tomorrow but I was asked to attend one of my friend's birthday party that day. If I decide to do my homework, then I'll get a good grade in economic class but my friend will get upset. If I decide to go to the party, I'll have fun with my friends in the party but won't be able to do my homework and fail the class.
Everyone gets to make decisions everyday of their lives. Within the decision, none of us know what the other side of the path will be or what that will bring to us which is called opportunity cost. If affects us in many different ways since the with the decision we made on certain topic, we won't know what the other option will bring that might have better cost than what you chose.