The Cost We Pay
To begin with, when I was first formally introduced to the concept of economics, the first thing that I came across was demand and supply, and these two things made sense- complete sense. Then came the turn of diving deep into the subject. Unknowingly I was being introduced to some of the most intriguing concepts. The one that still helps me make the decision to either go for something or let it go is opportunity cost. Nonetheless, the only thing I learned on our first meet was to mug up the very definition – “the value of next best alternative.” It took me a good amount of time to let the very concept sink in.
Once while preparing for finals, I realized the very basis of this concept. I was stuck between two options. One was to let sleep overcome me, and another one was to stay up and complete the remaining portion of the syllabus. This was just the start of realizing being the real-life example of being in a catch 22 situation. We unknowingly apply economics on an everyday basis. From getting the best outfit in the minimum budget to saving when we start seeing an increase in our income. Though economics, when introduced, was termed as dismal science but seems that very definition no longer defines this dynamic social science. The cost we pay each day for doing one thing while putting all other ‘priorities’ on hold is the very basis of this science.
Slowly and steadily, the very meaning of opportunity cost seeped deep into my mind. The examples were never-ending from waking up early to catch the bus to reaching home early to avoid the traffic. It leads me to a fundamental understanding: when anyone is being honest or works diligently, the person knows the cost of going against one’s ethics. It is the tattered conscience. Similarly, when a person is deceitful or wrongs someone, he knows the cost he is paying is way too less than the benefit he is attaining by causing harm to others.
In this way, I concluded that the concepts are always better understood by including them in our life. Economilivess a dismal science but only from a distance. Once one looks into it, it becomes one of the most meaningful subjects available to us. Ending on this note that we all know our opportunity costs, but we don’t always go for the next best alternative.
