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Opportunity Cost

Opportunity cost describes the cost of a good, service or action relative to others. It is the next best alternative that you could have had if you did not choose the first.  For example, in an economy with only two goods A and B, if you choose good A, the opportunity cost is good B.

 

Anthony Carilli - The Economic Way of Thinking

 

Paul Cwik - The Foundational Difference Between Austrian Economics and the Mainstream

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Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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