Friedrich von Wieser - Developer of the Opportunity Cost Theory
When you choose to do something there is always a cost. If you decide to get up at 6am instead of sleep in you have cost yourself sleep but gained more time awake which could mean more productivity. Such things are referred to as opportunity cost.
We all have a finite amount of time. When we choose to do something the cost is that we cannot get that time back and therefore have lost that time to do something else. We all have 168 hours in a week and if we choose to watch television for 40 of those hours then that is 40 hours we cannot get back to exercise, read, work, or anything else.
Want to get more productive time out of your day and lower your opportunity cost? Set up a time budget much like you would your household financial budget. See where time is being wasted or could be used better. This can help you improve outlook, reduce stress, and increase your productivity both at work and at home.
