Your elderly grandma tells you: "I haven't been taking my beloved walks because I'm concerned about falling and getting hurt. See, there is always a cost to doing something. But if you don't do anything, then there is no cost." Your grandma does not understand the economic concept of:

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Business

India Blackburn

8 January, 15:15

Your elderly grandma tells you: "I haven't been taking my beloved walks because I'm concerned about falling and getting hurt. See, there is always a cost to doing something. But if you don't do anything, then there is no cost." Your grandma does not understand the economic concept of:

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Gia Orozco · Answer 1

opportunity cost, the elderly woman is alsotaking a cost by not doing nothing as it renounce to doing the walks to obtain safety at home.

Under economics concepts everything has at least one opportunity cost associated with it.

Explanation:

The opportunity cost represent the best alternative we renounce for the given course of action or use of the resources.

In this case not going to walk has the cost walking.