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Understanding Opportunity Cost

Q&A 0 Comments

What is opportunity cost?  Opportunity cost is a common term in economics, but what does it mean?  People tend to throw this term around frequently, yet many people tend to struggle with it.    An Abstract Idea  While the idea of opportunity cost can seem abstract, at its core it’s a pretty basic principle.  Essentially, it’s the […]

Completely Irrational: Why Companies Can Fool Us Into Paying More

decision making and consumers
Personal Growth, Saving 2 Comments

Are you rational?  Probably not.  When it comes to decision making, it turns out most people (myself included) don’t think rationally.  Sure, we think we are making the best decision at the time, but when looked at objectively?  That’s when things get interesting. A Study in Human Psychology As consumers, Dan Ariely’s book Predictably Irrational provides […]