Learning Contents:                                                              ·          Understanding   Opportunity Cost ·          Opportunity cost and Different Decisions ·          Understanding Marginal Opportunity Cost   Opportunity Cost:    We find the concept of opportunity cost everywhere. If we spend our time reading books, we cannot spend it on entertainment. If we miss our economics class (not recommended, by the way), the opportunity cost is the learning we miss.  Spending your time on gossips would take you away from the goals you set for yourself. If you choose to marry one person, you give up the opportunity to marry anyone else. In short, the opportunity cost is all around us. Since resources are limited, we cannot fulfill all our wants so we make choice among various alternatives rationally. The alternatives which are available are nothing but only the opportunities available. As discussed previously that economics is the study of making choices in