438 | Dollars and Sense | Clint Murphy & Ginger
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Understanding Opportunity Cost and Its Value in Everyday Life
Opportunity cost is the idea of taking money out of the equation and considering what else could be obtained with that money. For example, instead of buying a $100 sweater, it could be seen as 30 coffees. By substituting money with other things, such as time or experiences, the value of items or purchases can be better understood. This perspective allows individuals to decide if they should spend less on certain things to prioritize their time or if they should increase their earnings to make purchases more efficiently.
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