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Welcome to Before Breakfast, a production of I Heart Radio.

Good morning.

This is Laura.

Welcome to the Before Breakfast Podcast.

Today's tip is to consider the opportunity cost.

When you're deciding whether to take on a new responsibility or accept an invitation, don't evaluate this option in isolation.

Instead, consider how the option compares to the next best opportunity that you have to give up to say yes.

In a recent episode of the NPR show and podcast Planet Money,

economists were asked about the most useful ideas from economics.

Michigan State Economist Lisa Cook the most useful ideas from economics.

Michigan State economist Lisa Cook named Opportunity Cost,

and she's got my vote on this one.

As you may remember from your Econ 101 days,

Opportunity Cost is the principle that the true cost of something

is what you have to give up in order to get it.

In other words, that new car you're considering doesn't just cost $30,000.

...