Opportunity - Term Overview

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Opportunity refers to the convenience of a context and the confluence of a space and an appropriate time period to obtain a benefit or fulfill an objective. The opportunities, therefore, are the moments or deadlines that are conducive to taking an action.

For example: A person wants to buy a car. While looking for the vehicle according to your needs, you find out that a neighbor wants to sell his urgently. It is, therefore, an opportunity for the buyer.

Opportunities arise at certain times in life and must be seized to avoid later regret. Many times there are individuals who regret having wasted an opportunity for different reasons. The important thing, therefore, is to be attentive to those that are presented in any field and analyze them to determine which is the most convenient option for you.

Today this concept is used specially to refer to professional or work opportunities, referring to the chances that a person has to improve their situation at work. It may mean the possibility of a promotion, a hiring offer, or the proposal to start a new project or venture.

In all professions, it's recommended that experts are always researching and perfecting their knowledge; in this way they become more capable and efficient people, adapting to the new tools on the market. Those people who remain active and in constant learning will be better prepared to deal effectively with new job opportunities, with which they can achieve personal and professional progress.

The opportunities section, on the other hand, is the section of a store where products are sold at a lower price than usual. Likewise, those web pages where second-hand products are sold or at a more accessible price than in the rest of the market, are also included in this concept.

The cost of investing in the means available in a certain commercial alternative, which means putting aside the rest of the possible investments, is known as cost or opportunity cost. But this concept also extends to personal finances, thus becoming the economic agent (profit or loss) that arises when making any decision.

The term was conceived for the first time in 1914 by Friedrich von Wieser, who raised the Theory of the social economy, where this concept referred to what is waived when making an economic decision. In this way, every time we must choose to buy one thing or another we are assuming that risk.

For example, if we have a certain budget to choose between a bottle of wine or a beer, whatever our final decision we will have an opportunity cost that will be the renunciation of what we do not buy. This means that all rational economic agents (people or companies) make their economic decisions based on the cost and deprivation of the products, knowing in advance that they will have to do without one or the other definitively. The objective of this operation is to make the decision that is most profitable and appropriate to the quality of life of said agent.

With regard to heritage, it will be modified based on the decisions we make. If, for example, we have a piece of land and we are in the dilemma of building a house or renting it to have a monthly income, it does not matter which option we choose, this will influence that land. If we decide to build, the opportunity cost of said space is calculated by adding the building cost and the amount of lost income.

Finally, it should be clarified that the opportunity cost is often subjective since the analysis takes into account the point of view of a person and their value judgments, so that only those who invest know how much they lose and win in each operation and how much that could affect your well-being and long-term finances.

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