Opportunity cost what you must give up when you make an economic choice or the cost incurred in giving something up in order to get hold of something else. It is the cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.
The opportunity cost of going to college is the money you earned if you worked instead. On the one hand, you lose four years of salary while getting your degree; on the other hand you hope to earn more during your career; thanks to your education, to offset the lost wages.
Here's another example: if the gardener decides to grow carrot, his or her opportunity cost is the alternative crop that might have been grown instead (potatoes. tomatoes. pumpkins. etc.).
In both cases, a choice between two options must be made. It would be an easy decision if you knew the end outcome; however, the risk that you could achieve greater "benefits" (be they monetary or otherwise) with another option is the opportunity cost.
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