With their daughter heading out of town, the Krank family decides to skip Christmas and head on vacation. An opportunity cost is the value of the next best alternative. While their daughter was still at home, the Krank family preferred spending it with their family and celebrating Christmas. After their daughter announces she’ll leave, the Krank family decides to head to the Caribbean.
Thanks to Mandy Mandzik for the clip recommendation. Check out her working paper, All I Want for Christmas is an A on My Econ Final: A Holiday-Themed Review Class, for more Christmas-themed economics examples.