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Economics: Opportunity Cost in Everyday Choices
Explore what is given up when choosing one option over another.
Lesson 1 of 2
The next-best alternative
Opportunity cost is the value of the next-best option forgone, not simply every possible alternative added together.
Try it: Choose a recent decision. What was the next-best alternative, and what made your choice worthwhile?
Lesson 2 of 2
Make trade-offs visible
Time, money, attention, and risk can all matter. Naming them makes comparison more useful.
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Next: Technology: A Systems View
Map the people, incentives, and feedback loops around a technology-enabled service.
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