The Opportunity Cost Explained (What Is The Opportunity Cost?)
We could explain the opportunity cost shortly, by saying that you had an offer to work part-time, and you know that this money provided will help you in so many ways.
Now, this is an opportunity, but what is the cost of this opportunity?
Maybe it's that you will spend less time with your family/friends, or perhaps spend less time following your passion, whatever it was.
Got it? It runs on a simple statement, every thing you win, you lose another thing in exchange for it.
Another example is while you're reading this article now, you could've done another million things, but you've chosen to read this one, and I salute you for making such a choice since the readers are very few now.
So the opportunity cost is simply "the thing you lose in exchange for the thing you'll win."
That's why you have to keep in your head this term because every opportunity has a cost, and you should know it before you decide what you'd do; otherwise, you'll know what it was, but later when you won't have the choice of stepping back anymore.
Know the opportunity cost of every opportunity; good planning makes an extraordinary life, as you have limited resources.
Have a great day, and I wish you all the best in life.
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