The value of the best possibility passed up in a particular decision is known as the opportunity cost.
The amount spent towards selecting is not the only factor.
Political economy revolves upon the concepts of scarcity, selection, and price.
If choosing one option necessitates choosing another that is inclined up, a decent is rare.
For example, today, I wanted to go for a bike tour but recalling that I have mid exam and I am studing. Here bike tour is the opportunity cost, which is the enjoyment I neglected to prepare for my exam.
