Opportunities and Costs

SEPTEMBER 26, 2013 by DWIGHT R. LEE

In this podcast, Dwight Lee explains that, because of scarcity, every time we do one thing we necessarily have to forgo doing something else desirable. So there is an opportunity cost to everything we do, and that cost is expressed in terms of the most valuable alternative that is sacrificed. (8:45 minutes)

 

ABOUT

DWIGHT R. LEE

Dwight R. Lee is the O’Neil Professor of Global Markets and Freedom in the Cox School of Business at Southern Methodist University.