In economic terms, opportunity cost is the decision to produce or consume a product. There is a gain in both and a negative if you go with one or the other.
An example of opportunity cost in every day life is if I decided to get a part time job instead of focusing 100% on school. If I get the job I can save money for college but it oculd distract me from school and cause my grades to drop. If I stay commited to school and nothing else, I'll have the grades but not the money for me to go to college.
Everyday life is an opportunity cost.
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