The first time that I know of opportunity cost was when I took microeconomics. The theory is mostly about what I have given up for the choice i made. I remember I this part very specifically because my instructor told us how local stores try to lower their opportunity cost by doing advertising.
Just like transaction cost, opportunity cost lies everywhere in our life. I love music very much, which lead to my other passion, headphones. I own 4 pairs of headphones, 3 of them are rather cheap, only one particularly very expensive which I treat very carefully. I'm telling about this expensive one is because the way I got it is very interesting. The particular brand of the headphone is not sold in any retail store, so I have to buy it online. Fortunately the price is always shaky of this brand but this also means the price can easily go up anytime and I have no idea when is the price is going to be the lowest and whether is it going to be stable to a price. I didn't do anything for the first two weeks because I want to see how much is it going to change. When I checked the price one day and its 60% off, I told myself I cannot wait any longer because I know the price could go back up any day and I wanted that headphone for a long time. After I pressed checked out, I felt so relief because I knew I got a good deal off.
Unfortunately, the next day I wanted see how much I really saved and there it is, 70% off! It's not like I didn't get a good deal off, it was like torture because all I have to do is wait one more day for the greatest deal. I did learn opportunity cost in from the hard way of my own experience. Opportunity is everywhere in our daily life, what we do not know is how long this opportunity will be or is there better opportunity coming in the future. For business professionals, one of the most important aspect in their job is to be aware of the changes in stock market. Prices in stock market changes by the second, if they cannot find the right timing to purchase or sale, a significant amount of capital might be lost.
You didn't seem to understand the prompt. It was not asking about opportunity costs. It was talking about opportunism. Also, you must have missed class on Thursday, because I talked about this in class, so there shouldn't be this sort of confusion.
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