All Commentary
Thursday, September 26, 2013

Opportunities and Costs


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In this podcast, Dwight Lee explains that, because of scarcity, every time we do one thing we necessarily have to forgo doing something else desirable. So there is an opportunity cost to everything we do, and that cost is expressed in terms of the most valuable alternative that is sacrificed. (8:45 minutes)

 


  • Dwight R. Lee is the O’Neil Professor of Global Markets and Freedom in the Cox School of Business at Southern Methodist University.