The most memorable terms in economics is opportunity cost. What is the cost to give up an opportunity in order to get what you think it is best for you?
I like how economist measure these in monetary value- It gives us some physical identification of how much it really cost us. Choices are probably the hardest thing that we can be assured if we made a right economic trade-0ff. We cannot do everything we want in life. That is why we chose the best and leave the rest as opportunity cost.
I trade my time to write and it is an opportunity cost for not studying what I need to. The question would be is the opportunity cost
Felicia Loo is a food science graduate from UBC. With an interest in food marketing, she explores how food products are created, marketed, and distributed toward an end users. Blogging about food became a must when she encounters interesting ideas about food products. She seeks for ideas and opportunities to work together.