Doing One Thing Makes You Sacrifice the Opportunity to Do Something Else of Value - Deepstash

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 opportunities.

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waylon_x

In our dreams we only see faces that we already know.

The cost of something is what you will give up to get it. This is opportunity cost.

The idea is part of this collection:

What Is Opportunity Cost

Learn more about moneyandinvestments with this collection

The impact of opportunity cost on personal and professional life

Evaluating the benefits and drawbacks of different choices

Understanding the concept of opportunity cost

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