In economics, I learned how to maximize one’s utilization of resources and how do risks could lead to negative or positive returns. But above everything else, as I embark on my last year in finishing a degree, economics has taught me that in life, you can really never have everything. There are always trade-offs. And opportunity costs.
Opportunity cost, as defined, is the resource you have to give up in order to pursue another one. Let’s say, tonight I wanna go to the cinemas but I gotta study for my Econometrics exam tomorrow. I cannot afford to fail the exam so I need to set aside my plan of seeing a movie. Here, the opportunity cost of passing my Econometrics exam is going to the cinemas. This is a very relative concept, yes. Someone’s opportunity cost might be a necessity to others.
We always look into the brighter side. And most of the time, we care less about the things we have let go, of the people we take for granted. How does it feel like to be the opportunity cost? How does it feel like to be ‘unconsciously’ forgone by the one you have been holding onto?