Opportunity Cost - Candy Bar

Opportunity Cost

What is Opportunity Cost?

According to dictionary.com, opportunity cost is “the money of other benefits lost when pursuing a particular course of action instead of a mutually-exclusive alternative.”  What does that mean in laymen’s terms?  Opportunity cost is essentially all the things you pass up on when you chose to spend your money on the item you purchased. Read more “Opportunity Cost”

needs vs wants

Needs vs Wants

What is the difference between a need and a want?

According to the dictionary.com, a need is “a requirement.”  Which means it is something a person needs to survive.  A want on the other hand is “something desired,” which means it adds pleasure but isn’t necessary. Read more “Needs vs Wants”