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None of the group members consider the many economic concepts which will surrounds their decisions throughout the night, but what exactly occurs economically on any typical night, much like this one?
Initially, the choice to go to the bar creates an opportunity cost. The opportunity cost is essentially the next best relinquished alternative. By making a choice to go to the bar, one may give up watching “Titanic” with the girlfriend, relaxing at home, or studying for an upcoming Economics 200 GR. However, it is Friday night and most will endeavor maximum benefit—the pleasure attained from having a good time at the bar in company of good friends...
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