This article is a great hands on demonstration regarding the opportunity cost of of reading 1,600 words explaining what Wikipedia can in less than 100.
The Wikipedia article, while quite good for a Wikipedia article about economics, tells you nothing about the distinction between opportunity cost, harm cost, and outlay cost, and I would confidently predict that you would quickly mix up the three given an opportunity to do so. You would also predict action based on harm cost and outlay cost. Have seen it many times, it’s why I wrote an article about it.
And it’s frankly an idiotic thing to say. The whole point of writing this way is to convey an experience so that the lesson is learned more deeply than just memorizing some definition out of an encyclopedia article. The latter is better for regurgitating on a test, the former better for actual application and use.
This article is a great hands on demonstration regarding the opportunity cost of of reading 1,600 words explaining what Wikipedia can in less than 100.
The Wikipedia article, while quite good for a Wikipedia article about economics, tells you nothing about the distinction between opportunity cost, harm cost, and outlay cost, and I would confidently predict that you would quickly mix up the three given an opportunity to do so. You would also predict action based on harm cost and outlay cost. Have seen it many times, it’s why I wrote an article about it.
But as long as you don’t know this, you won’t know that you don’t know it.
And it’s frankly an idiotic thing to say. The whole point of writing this way is to convey an experience so that the lesson is learned more deeply than just memorizing some definition out of an encyclopedia article. The latter is better for regurgitating on a test, the former better for actual application and use.