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Opportunity Cost

Opportunity cost describes the cost of a good, service or action relative to others. It is the next best alternative that you could have had if you did not choose the first.  For example, in an economy with only two goods A and B, if you choose good A, the opportunity cost is good B.

 

Anthony Carilli - The Economic Way of Thinking

 

Paul Cwik - The Foundational Difference Between Austrian Economics and the Mainstream

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For centuries, hierarchical models dominated human organizations. Kings, warlords, and emperors could rally groups--but also oppress them. Non-hierarchical forms of organization, though, are increasingly defining our lives. It's no secret how this shift has benefited out social lives, including dating, and it's becoming more commonplace even in the corporate world. But it has also now come even to organizations bent on domination rather than human flourishing, as the Islamic State shows. If even destructive groups rely on this form of entrepreneurial organization, then hierarchy's time could truly be coming to an end.
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