Similarities and differences between opportunity costs and consumer price index?

Similarities:
1. Both opportunity costs and consumer price index are economic concepts used to measure the value of goods and services.
2. Both concepts are used to make decisions and analyze economic trends.

Differences:
1. Opportunity cost refers to the value of the next best alternative that is foregone when a decision is made, while consumer price index measures the average change in prices paid by consumers for goods and services over time.
2. Opportunity cost is a subjective concept that varies from person to person, while consumer price index is an objective measure calculated by government agencies.
3. Opportunity cost is used to make decisions about resource allocation, while consumer price index is used to measure inflation and purchasing power.