Make Better Choices with Opportunity Cost Thinking

Hello members and subscribers! The twelfth Moonshots Master episode is here and we are diving into Critical Thinking and Opportunity Cost!

Getting us started on the journey is Brit Lewis from Mr Hancock, who talks about Trade-Offs and how an understanding of scarcity can help us grasp the number of possibilities around us. We then have a breakdown from Study.com which explains choice, Opportunity Cost definition and real-world examples demonstrating how every choice has a value.

Next up to help us understand the framework of Opportunity Cost, we have EconClips with a helpful breakdown of key elements of opportunity cost, and the psychological idea of loss via Psychic profit thinking. We also have Course Hero discussing explicit versus implicit costs and the definition of the cost of giving up.

As we plan how to adopt new habits starting today, Tutor2u provides two applied examples of opportunity costs including the cost of a coffee. And closing the show, we have Mike Clayton from OnlinePMCourses who states that - like your money - you lose the opportunity to use time if you aren’t spending it on something that’s worthwhile.

Our recommended reading list and downloadable frameworks are available to help you go even deeper into the topic, so you can start adopting the practice of prototyping today:

• What is Opportunity Cost?
• The True Cost Of Investing: Opportunity Cost
• Balance Investing, What Is Opportunity Cost?
• Real-Life Examples of Opportunity Cost
• Opportunity Cost Investing, Jessie Michael Rancourt
• Cost and Choice: An Inquiry in Economic Theory, James M. Buchanan
• Opportunity Cost: Owning Your Choices, Cindi Basenspiler
• Opportunity Cost in Finance and Accounting, Robert Bloom and Hans Heymann

What key lesson are you taking from this Master Series show? Get in touch and let us know! Thanks for listening. That’s a wrap.

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