1. Opportunity cost generally refers to one of the biggest losses after making a choice. The opportunity cost will change with the price paid. For example, when the preference or value of abandoned options changes, the value gained will not change the opportunity cost. If you give up the priority option with the highest value, its opportunity cost will be the first choice. When making a choice, you should choose the option with the highest value (the option with the lowest opportunity cost) and give up the option with the highest opportunity cost, that is. Opportunity cost usually consists of two parts: the opportunity cost of using other people's resources, that is, the monetary cost paid to the resource owner, which is called explicit cost. The cost of giving up other possibilities because of using one's own resources is also called hidden cost.
2. Prerequisites for opportunity cost economic analysis. The preconditions for applying the concept of opportunity cost to economic analysis are: scarcity of resources; Resources have many uses; Resources are fully utilized; Resources can flow freely. The example of opportunity cost is whether to study in the library or enjoy the happiness brought by TV series. Then the opportunity cost of reading and studying in the library is to enjoy the happiness brought by TV dramas less, while the opportunity cost of reading and studying in the library is to lose everything gained from reading and studying in the library. If a person owns a house, the opportunity cost of choosing to live alone is the income he can earn by renting the house to others. Because this opportunity cost does not involve actual currency transactions, it can also be called hidden cost. Opportunity cost and accounting cost are two different concepts.
3. Accounting cost refers to the monetary cost actually paid. Opportunity cost may or may not be equal to accounting cost. Under the condition of perfect competition, opportunity cost is equal to accounting cost; Under the condition of insufficient supply of goods (or production factors) and rationing system, the opportunity cost is higher than the accounting cost; In the case of overstocked goods or idle elements, the opportunity cost is lower than the accounting cost, or even zero. When the opportunity cost is higher than the accounting cost, the concept of opportunity cost is usually adopted.