Friday, April 22, 2005

Can't escape the cost

There is a cost to everything. Even people that understand this, sometimes have difficulty determining what the cost of something really is. If you have a picnic today, you will use a certain amount of time and resources; whatever you could have done with those time and resources instead of the picnic, is what the cost of the picnic is. You could also say that if you watch TV instead of doing laundry, then you paid the price of having to do laundry later in order to watch TV. Simple enough I know, but even the most skilled economist has to consider this every day.