Doing one thing means not being able to do another. We live in a world of trade-offs, and the concept of opportunity cost rules all. Most aptly summarized as “there is no such thing as a free lunch.” – Shane Parrish
“The value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the ‘cost’ incurred by not enjoying the benefit that would have been had by taking the second best available choice.” (related: cost of capital) – Gabriel Weinberg
Source:
Shane Parrish’s Farnam Street Mental Model Guide
https://www.farnamstreetblog.com/mental-models/
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Gabriel Weinberg’s Mental Models I Find Repeatedly Useful
https://medium.com/@yegg/mental-models-i-find-repeatedly-useful-936f1cc405d
