Opportunity Cost
Saying 'yes' to something automatically means saying 'no' to other possibilities. This is known as Opportunity Cost. It translates into the potential benefits that we miss by choosing one option over another.
Subconsciously we are aware that we can't do everything we want at the same time. However, when we are more aware of this concept, we can make better decisions.
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Opportunity Cost: Master Your Options—Master Your Career - Darius Foroux
dariusforoux.com
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Opportunity Cost: You Can Do Anything but Not Everything
When mulling over multiple choices, the quality of any option cannot be assessed in isolation from its alternatives. The price you pay (or the sacrifice you make, or the benefits you give up) for doing what you’ve chosen to do instead of doing something else is the opportunity cost.
Opportunity Cost in Non-financial Situations
Opportunity cost in non-financial situations is more difficult to quantify. The loss or gain with choosing an option while foregoing another can be subjective and not readily comparable.
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