Opportunity cost refers to the value of the next best alternative that must be foregone when a decision is made to pursue one option over another. In simpler terms, it's what you give up in order to choose something else.

For instance, if you decide to spend your evening studying for an exam rather than going to a movie with friends, the opportunity cost is the enjoyment and social interaction you would have experienced at the movie. It's not always about money; it could be time, resources, or any other alternatives that could have been pursued instead. Understanding opportunity cost helps in making more informed decisions by considering what you gain versus what you lose when choosing between options.

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