Population Statistic: Read. React. Repeat.
Sunday, July 23, 2021

The definition of “opportunity cost”:

The true cost of something is what you give up to get it. This includes not only the money spent in buying (or doing) the something, but also the economic benefits that you did without because you bought (or did) that particular something and thus can no longer buy (or do) something else…

Going for a walk may appear to cost nothing, until you consider the opportunity forgone to use that time earning money. Everything you do has an opportunity cost. Economics is primarily about the efficient use of scarce resources, and the notion of opportunity cost plays a crucial part in ensuring that resources are indeed being used efficiently.

Don’t ask me why this came to mind for me tonight. But it did.

by Costa Tsiokos, Sun 07/23/2006 09:02:31 PM
Category: Business, Wordsmithing
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hold on
Take one disgruntled draft pick, add a notoriously skinflint franchise, and what do you get? Reggie Bush, this year’s Entry Draft consensus No. 1 overall pick who somehow went No. 2 instead, potentially could hold out the entire 2006 season rather than get lowballed by the New Orleans Saints.

Bush supposedly has more than $5 million in the bank from multiple endorsement deals Ornstein has negotiated since Bush left the University of Southern California. That money is guaranteed regardless of whether Bush plays this season.

Next, Bush could probably sit out 2006 and still be a high pick next year.

Furthermore, Bush probably has the public sentiment running in his favor. Even though holdout players are generally unpopular, Bush has caused tremendous excitement in New Orleans.

In May, shortly after Bush was drafted, the Saints had already set a franchise record for season-ticket sales, having topped 55,000 at that time. That’s extraordinary, especially considering the condition of the hurricane-ravaged city.

Sure, it’s more likely that the Saints will ante up, given all that’s at stake. Still, all of a sudden, the Houston Texans don’t look like such idiots after all when they passed up Bush for Mario Williams.

by Costa Tsiokos, Sun 07/23/2006 03:19:43 PM
Category: Football
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