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OPPORTUNITY COST

You have to choose to renovate or re- establish a lawn.

Scarcity forces us to choose, and economics helps determine how to make those choices.

Not understanding opportunity cost can lead you to making some inefficient decisions. Constantly thinking about opportunity cost will keep you on your toes as you evaluate the alternatives that confront you daily. Since all economic resources are scarce, we have to make choices. Economics and the concept of opportunity cost are tools that have been developed to help us analyze the choices that we confront, and help us make the choices that are in our best interest over time. Tools to help us wisely use the scarce resources we control.

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