Jack and the Beanstalk : Opportunity Cost

What would you give up in order to have the opportunity to go on such a great adventure?

This story is perfect for demonstrating the concept of Opportunity cost. Simply put, when one has to make a decision, the next best alternative forgone is the opportunity cost. It’s what one has to give up in order to get something else. Jack is a lazy boy who sells his cow for a few measly beans due to the poor economic condition of his family. Nobody knows if the beans have real magic, therefore the beans are simply beans for his poor mother, who throws them out of the window and the family sleeps hungry. Magically the beans produce something for Jack, way to a new adventure or one might say opportunity. Right here is an example of opportunity cost. Sleep is crucial for basic human functioning. However, jack gives up a restful nights sleep to embark upon an unknown venture. With the help of the beanstalk, Jack ascends to heights he has never before experienced. A place in the clouds, the house of the Giant. Jack, being desperate for money, steals from the giant a magical pouch that never runs out of money. Descending down he is discovered and he successfully not only steals enough to last but also cuts off the beanstalk only to live happily ever after.