Opportunity cost. That's just about the only thing I remember from Economics 1A class. It's a two-word explanation for "you can't have your cake and eat it, too." The simple definition of opportunity cost is: when finite resources are spent on "this," there won't be enough to buy "that;" it's a lost opportunity. (At the risk of going political, I wish more government officials had been required to take that class.) Opportunity cost applies to time as well as finance. There are just so many hours in a day. Time spent dusting means I can't spend time reading. It really boils down to choices. I choose to live out here "in the back of beyond" and do without city conveniences. I choose to raise goats and chickens (et cetera) with their regimented time constraints and forgo the pleasures of traveling. I can't say that we were aware of all of the ramifications at the time, but moving to Farview Farm was the right choice, and I'm glad we took that opportunity. I've "got the cake" and it tastes darned good.
My great-niece arrives later today for the weekend. I'm losing prep time right now.
Friday, September 2, 2011
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I didn't take Econ but live with a good and wise teacher...however, I think relating O-pportunity to time is the BEST explanation, for sometimes we can create more of the green stuff by working for it, but we can NEVER create more of the O-h so valuable ticking stuff - it's a great leveler, as we ALL have the same amount. But then again, if we have the green stuff, SOMETIMES we can pay someone to do something so that we can free up some of our own 24. With that said...I'm off to work! Enjoy your niece!
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