"the added cost of using resources (as for production or speculative investment) that is the difference between the actual value resulting from such use and that of an alternative (as another use of the same resources or an investment of equal risk but greater return)"
Now this is a very economic-y definition of something we experience literally every day of our lives. And, what it means in laymen's terms is that opportunity cost is what you give up to do something else. It happens all the time. We give up eating a pizza to eat salad because of the added calories. We give up time spent with friends to hang out with our significant other. We give up money we could use on clothes or other activities away to save up for a big trip. All these decisions come to varying extremes, but opportunity cost in present in every decision we make.
And I am obsessed with it.
Everyone has a drug of choice in some way or another. For some people it's gambling, for others it's food, and even unfortunately for some it is drugs. For me, I constantly think of what I could be doing. Even when I am enjoying something completely I am always comtemplating if my time could be better spent or if I should be doing other things, or even what I'm going to do next. Many times it can be good for insight and planning in my life. I pride myself on being a practical person and I think some of it comes from being able to completely understand what benefits I will be able to get from a decision. It definitely has helped me look at a bigger picture too when thinking about what I want to accomplish in life and my goals.
But...
It also keeps me from totally enjoying the moment. Thinking about what I could be doing makes me totally stressed all the time. This doesn't mean that I'm not happy, or don't enjoy the things I'm doing, quite normally I do. But, for example, many times when I'm with someone I'm dating I think shouldn't I be out exploring the world and meeting hundreds of new people, instead of being on this date!?!?! Come on Christine, like you always tell every one else, you only get one chance on life!!! You need to go explore and create and find yourself! and then therefore I don't really enjoy the date.
It also makes me incredible indecisive when it comes to big decisions because I look so hard at the benefits of both options, that they both sound good and then I can't choose!
Leaders too I think have to re-learn how to handle this all the time, because each situation is different and so therefore the opportunity cost will be. Whether it be an ethical dilema or forsaking a few years of income to get a Masters' degree.
Obviously, I recognize this is something that I struggle with, and am trying to correct it. But it is hard to not think that you can always be doing something better with your time.
Thank you for reading ELPers! Hopefully you guys know that this wasn't a call for a mini violin while I have a pity party. I've really enjoyed getting to know each one of you through class and your blogs. You all are so special and have shared quite a lot. This is a challenge that I face in life and wanted well educated opinions. Goodluck with Week Ten everyone!!
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