"Half of what I say is meaningless...I say it so that the other half reaches you."
- Khalil Gibran
Tuesday, May 31, 2005
Opportunity cost is defined as the cost of writing off the second best alternative. For example, if you have money enough to either afford a dinner or a visit to the movies, then choosing to dine entails the sacrifice of the pleasure of watching a movie. This pleasure, then, is the opportunity cost of choosing to dine over going to the cinema.
Nothing, nothing at all, drives home the concept of opportunity cost as watching all those pretty women on Fashion TV.
However, attempting lousy diplomacy, I emphasize that opportunity cost is still about the second best alternative.