Opportunity Cost: Making a choice means sacrificing something else at the same time because we can’t have everything. If the value of what is given up is significant, then the choice incurs a relative loss, and it is up to the CEO to recognize this as a cost. In reality, whether I am aware of the opportunity cost or not, it still impacts my current financial situation. However, to calculate profit or loss as an opportunity cost, there must be a future opportunity to forgo the current choice and select an alternative. No one should keep repeating the cycle of giving up and choosing without knowing whether the next decision will be beneficial or not. Giving up is worthwhile only when the next option is good. - Joseph’s “just my thoughts”
Real change happens so quickly that we often don’t notice when it occurs. The changing of seasons is a good example. Clearly, winter and spring are very different. It’s hot during the day and cold at night, but when we see spring flowers blooming along the roadside, we realize spring has arrived. We tend to think that big changes will feel different, but sometimes small signs reveal the change. For instance, when our foreheads sweat even with little movement, we recognize that the temperature is getting warmer. What changes might you not notice or recognize? Perhaps your weight? - Joseph’s “just my thoughts”