Opportunity cost refers to the value of something when a specific course of action is selected by an individual. In other words, the opportunity cost is what a person must endure to achieve something (Fernando, 2022). The benefit or value that is being given up may include decisions in personal life, in a professional setting, the economic situation, the environment, as well as other contexts (Kennon, 2022). When it comes to attending a football game that a person enjoys, several aspects of the opportunity costs must be considered to decide if it is worth visiting.
First, the benefit that one is getting from going to the game is pure enjoyment – when an individual is rooting for a specific team; they expect to experience positive feelings from going to the game. The memories of attending also represent a benefit to the person choosing to go to the game. Opportunity costs, however, may outweigh the benefits of attending the game. Second, a football game match ticket may average around $50, which is the economic cost of the opportunity. Adding to the cost of the ticket is at least $10 on drinks and snacks that a person tends to purchase during a game and an additional $10 on gas for travel. Third, a football match lasts at least ninety minutes, which is an hour and a half without extensions, and it may take around an hour to travel to and from the stadium, making the time-related opportunity cost at least two and a half hours. Going to a football game has the opportunity cost in the form of pleasure that a person loses by not seeing the game with their own eyes.
References
Fernando, J. (2022). Opportunity cost formula, calculation, and what it can tell you. Investopedia. Web.
Kennon, J. (2022). What is opportunity cost? The Balance. Web.