Opportunity Costs (the 'Price' of Missed Opportunities) Explained in One Minute

How many people actually think about the opportunity cost of a decision or in other words, how many understand that missed opportunities come with a price tag?

Pretty much nobody, as the cost of missed opportunities is something that tends to slip most people's minds. However, without understanding what the opportunity costs of a decision are, you're in a poor position to meaningfully assess its implications.

Opportunity cost may sound like a pompous term but quite frankly, understanding the price of missed opportunities is a piece of cake if you just invest a minute (literally) of your time.

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[OneMinuteEconomics]

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[OneMinuteEconomics]

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[kityyyue]

I liked how you utilized real life events to give examples about the term opportunity cost, and it really helped me to understand the concept of it. But im not sure why cars are such not valuable compared to houses. The video looks very concise and easy to understand! Maybe it would be better if the formal definition of opportunity cost was demonstrated.

[vishwaasjaiswal]

Please make all topic of economics of 11 class I love your work and understand economics better

[구양현-bh]

What i learned from the history and the political issues on the Korea peninsula, i think as belows....

If some people had to get wrong education from the government so that it would lead to force to do being envolved in keeping a heavy criminal like the abuse of the occupational sexual harrashment or relevant criminal, (a Sewolho accident, itaewon dead...),

Both Someone who got wrong education and those who didn't make it fixed in right way have the resposibilities the cost of a number of series of the accident and casualties....

[toughbiblepassages]

The concept of opportunity cost is useful BUT in a sense, it isn’t real because it only becomes conceptual under comparison. The “I WOULD have made more money IF I did xyz instead of abc” is never actually realized.. so who knows if it’s true? Yes, you WOULD have IF you did, but who is to say that you WOULD have done abc if you didn’t do xyz? You might have done efg!! It’s an unfalsifiable concept in practice, but it is a only useful when deciding which opportunity to invest in right here and now.. it’s completely useless to look into the past in order to argue what you have lost.

[jom]

Money is a resource? As far as I know it's just a paper means to buy capital. Can you please clarify?

[oskarpuka]

Anda boleh memilih untuk salah satu daripada hadiah di atas

[Gerryof]

Stop paying rent and buy a home.... and pay taxes, homeowner's insurance, pay for plumbing and roof repairs etcetera ad naseum.

[sniezka]

A missed job opportunity depending what it is, the cost tends to be high. I worked in human resources and I was CFO and COO for 16 years for a conglomerate. Lots of employees came to this company and left and tried to come back. But my boss has a very strict policy that says if you leave this company you don't return to work here ever again.

Most want to come back because other places don't pay like my boss that includes high benefits. I personally left the company for 3 years. I regret it alot I mean alot after I left but so far I am the only one who he has hired again. I got a second chance to redeem myself after I ruined the first run.

I could have gone to jail but my boss decided to send me home, but I instead resigned but I learned my lesson. Is never rule over your boss he's there for a reason. I personally thought I had the power to over rule his decisions because I was his first employee. 💪😁😅

I was wrong. But I am happy that he still wants me around.

Got my three previous positions again with double of my salary. I got unlimited vacation days. Previously he gave me only 90 days. Others only get 15 days max. Yay.

[georgiakritikos]

Economic OPPORTUNITY ❤does not prey on others vulnerabilities, 🎬🎥💯❤️ALL EYES ON PREDATORS AMERICANS ESPECIALLY WHEN THEY PREY ON OUR ELDERS & CHILDREN