Doing One Thing Makes You Sacrifice the Opportunity to Do Something Else of Value
- Life is all about values and priorities. You face trade-offs. Life requires that you make choices among mutually exclusive alternatives. Every time you select something, you forfeit other alternatives and the concomitant benefits. The cost of something is what you will give up to get it. This is opportunity cost.
- In economics, opportunity cost is the cost of not choosing the next best alternative for your money, time, or some other resource.
- Resources are scarce. When resources (time, money, mindshare, autonomy, and all that) are scarce, selecting one opportunity necessitates forgoing other op
portunities.
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The cost of something is what you will give up to get it. This is opportunity cost.
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The idea is part of this collection:
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