Hello and welcome to this solo episode of the ESG Fitness podcast. I do this sometimes when I feel like I have

something I want to talk about. I want to air or maybe I just want to discuss almost with myself.

And I think this is going to be really useful to people.

So the topic for this podcast is what we can learn from economics about making decisions and then some relevant examples.

So something to think about when you are making any decision is opportunity cost.

And by this I mean that if you are doing one thing, that means you are missing out on doing something else. For example, if I am not doing this

thing, then what will I be doing? Or if I don't spend money on X, then what would I do with that money?

And subsequently, what is going to give me a bigger benefit? And remember that enjoyment is a benefit

as well. So it doesn't have to be, what is going to give me a bigger benefit is in return on interest

or what should I be doing, what society thinks I should be doing. So generally when you are making a

decision, you should try and think or what if you want to evaluate this opportunity cost.

So for example, if I was invited to the cinema,

I might think, what would I do if I didn't go to the cinema?

What's the cost of me going to the cinema in terms of money, in terms of time,

in terms of potentially effort, concentration, focus, and what would I be

doing with all of that if I didn't choose to go? The essence of opportunity cost is the notion that

by saying yes to something, you are saying no to something else. And I've been told that many times before, usually when I'm

saying yes to all these ideas and business ideas and starting new things. And then someone tells me

that by saying yes to that, you're saying no to something else. It never really feels like that. And

honestly, it's never really clicked for me until I thought of it in this way and thought about it's not the fact that there might be

another equal or even sort of relatable opportunity. It could be that I'm not going out.

Do you know what? I'm going to say no about going to the cinema because I want to save that time, potentially I want to save that money, I want to save that

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