DEFINITION: Opportunity cost is a key concept in economics. It is the opportunity lost in the next best alternative. It is the cost related to the second best choice available to someone who has picked among several mutually exclusive choices.
Usually opportunity cost is calculated in terms of money.
But have we ever thought opportunity cost in our lives?
Each day we have n number of options and we chose one which we think is the best but we usually don’t give a thought to things we have lost.
Sometimes we lose so many things for a single reason and that single reason turns out to be the wrong option. What are we supposed to do when we are enlightened with something like that?
You can’t get back things you have lost because it’s not money that you can earn back, it’s your precious time or even sometimes precious people that you have lost.
It’s true that realizing mistakes do help in having a better future. But how many such mistakes are allowed in one life?
