I would say that opportunity cost is probably the most valuable concept found in economics, where it distills decision-making to comparing our current choice with the next best alternative. This ‘next best alternative’ is the opportunity cost, which is measured by what we give up when we undertake any action or decision. Although taught in the context of financial decisions, I would say that this concept extends to all domains of life – to decision-making as a whole.
It’s quite oxymoronic to think of that which is absent has functionality. On a cursory examination this may seem contradictory. However this is rather true – of which we see this phenomena occurring often in nature. Many cavities within our body have function. The nasal sinuses help to humidify and warm the air we breathe in order to bring the air closer to our bodily conditions. The ventricles of our heart continually fill and empty with each pulse, pumping blood around the body.
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