Lesson one of Economics
that those who have studied
must have learnt is
"Opportunity Cost"
Economics may sound very far from
what u may need in life
along with other knowledge we learn later in life
But it is quite useful
once u get to know it .
Opportunity cost
is the cost dealing with each decision
we have to make from the choice
we have available.
The choice between
going to the movie with friends
or dinner with the family
can be hard to choose.
If we go to movie with friends
then we can't go to dinner withe our family
that is the choice that we have to sacrifice
for the movie,
and the dinner is the opportunity cost
that we decide to give up.
After weighing the cost
we can decide better
on which choice to choose
whether going to movie or
dinner would bring
a greater outcome overall
would our family be angry
or
would our friends no longer talk to us
this we have to think and weigh.
As v can see,
this principle can be applied to every day 's life
and so is other difficult principle
when learnt properly
can be used to make a better decision
with a better result in life.
So there is no loss
in gaining new knowledge
I think .
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