By TheStreet Staff What Is Opportunity Cost? As individuals, we make countless choices every day. We decide what to wear to work, where to eat lunch, who to see socially, and what to do with our free time. Due to factors like time and money, many of these choices are mutually exclusive, meaning that once we choose a particular option, we lose the opportunity to choose its alternative. For instance, if your favorite baseball team and your favorite band are playing on the same day at the same time, you probably can’t attend both events—you have to weigh your options and try to choose the event t…