Opportunity Cost
The chorus to an old song says.
“Did you ever have to make up your mind? Say yes to one and let the other one ride.”- Lovin' Spoonful, John Sebastian
This chorus points to an important concept in economics—every choice we make has a cost—an opportunity cost. Some costs are small and relatively short-term. Others are significant. Recognizing the opportunity costs of your decisions can help you make more informed choices. This short module is designed to help you apply the idea of opportunity cost to the decisions you make.