Every time you make a decision, large or small, you must consider several things. One thing that often is overlooked, is the choicesTrade-Off. These are the alternatives or what you could have chosen instead.

Think about your day today. What is the first notable things you did today that used a considerable amount of time (a scarce resource). Did you log into iCollege and spend an hour doing course work? Did you work a 8 hour shift this morning? Did you meet a friend for a socially distanced lunch? Did you go for a run? Did you spend an 45 minutes laughing at TikToc videos?

1. Tell us what you chose to do.

Next, consider what other things you could have done. These are yourTrade-Offsfrom your choice and there are likely a lot of them.

2. Name 5 things you could have been doing instead.

Of those five other options, one of them would have been your second choice from the decision you made back on #1. If you had not done #1, you should have chosen something from the list on #2.

#3. Of the next best 5 options you listed, which of them would you have actually chosen to do if you didn't make the choice back in questions #1? That would be yourOpportunity Costof the initial decision.