Canonical · Decision-Making · Model
Opportunity Cost
Friedrich von Wieser · 1914
"The true cost of a choice is the value of the best alternative you gave up to make it."
Every decision is also a rejection of every other option you could have taken. Buying a $5 coffee doesn't just cost $5 — it costs whatever else that $5 (and the time) could have produced. The price tag is never the whole cost; the forgone alternative is.
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