The Road Not Traveled
Opportunity cost, then, is a measure of what has been given up when we make a decision. Consider what Robert Frost had in mind
when he wrote:
Two roads diverged in a wood, and II took the one less traveled by, And that has made all the difference. What other road did Frost have in mind? An urban life? An avocation where he would not be able to write of roads and walls and birches? Imagine the immeasurable opportunity cost to all of us if Robert Frost had taken the road more traveled by.
But let us return from the poetic to the practical. The crucial point to grasp is this: . Economic costs include. in addition to explicit money outlays. those opportunity costs incurred because resources can be used in alternative ways.
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