Opportunity cost refers to current spending habits. 1.changing economic conditions that affect a person's cost of living. 2.storage facilities to make financial documents easily available. 3.trade-offs associated with financial decisions. 4.avoiding the use of consumer credit.

3.trade-offs associated with financial decisions.

Explanation:

Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

It is also known as implicit cost.

For example, a student chooses to go to grad school instead of working at a company where she would be paid $350,000 per year. Her opportunity cost of going to grad school is the $350,000 she would have earned if she decided to take the job instead.

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