Ep #20: Opportunity Cost

Opportunity cost is the cost of the next best alternative of a product or service. Life is filled with choices, on a daily basis you must choose between sleeping in, watching TV, or reading a book that might change your life. The future gain from either choice unforeseeable. Will you spend the money on buying materials that may have no meaning soon, vs. investing, or investing in yourself by traveling or other self-development activities?  :)  We will also discuss difference between opportunity cost, sunk cost, and risk as defined by economics.