If you're reading this, chances are you're an economics student, or at least taking an economics course. (If you're reading this just for fun, seek help immediately!) It's also a good bet that you don't have a test in some other course tomorrow. (Yes, we actually do realize that economics may not be the only course you're taking.)

Certainly you don't have a test tomorrow that you're concerned about. If you did, it would be too "expensive" to read this today. Expensive in that reading this online text takes away time you could use studying for that other test so reading this lowers your grade on that test.

Such decisions are made by everyone every minute of each day. In fact, it's probably not too extreme to say that, at least subconsciously, you're evaluating your opportunity costs during every waking moment (maybe even when sleeping too, but we'll leave that to the psychologists).

Copyright © 1995-2004 OnLineTexts.com, Inc. - All Rights Reserved