Five Things I have Learned about Opportunity Cost

In Economics:  Nothing is Priceless.  To see if a benefit is worth the cost, economists use what is called Opportunity Cost.  Here are 5 things I have learned about Opportunity Cost:

1. Everyone has a price in mind.
2. Use cost benefit analysis.
3. Account for all factors by translating the cost  into money.
4. Cost is value of  opportunity.
5. Benefits are equal highest price you will pay.