From time to time my grandma likes to ask me, “So Heather, how are you using your economics degree?”
Here are two indispensable economics concepts that can help anyone make better financial, business and life decisions—whether they’re a startup founder or just someone who wants to get the most from life and work.Most people think about cost when they’re considering buying something. However, they often forget to consider the “opportunity cost” of doing something. In simple terms, opportunity cost is the cost of other forgone activities.
But personally, when making important decisions I will always try to choose the path that will create the most opportunities and greatest agility, as things don’t always go according to plan.We all make bad decisions sometimes. Whether in business, with our finances, relationship choices, or other aspects of life, everyone is bound to screw up sometimes.
No matter how much time or money you’ve spent, there’s nothing worse than continuing to throw good money after bad.