Opportunity Cost Examples In Healthcare

Opportunity cost is simply what you give up in order to do something or more specifically the highest-value opportunity forgone (Maranjian, 2013). Opportunity cost can be anything in our daily lives like: time, money, skill, work, etc. We have the tendency to choose an option without knowing or considering the other alternatives. Opportunity costs are not always noticed sometimes we humans lack in decision making. There are a lot of different examples of opportunity cost in our lives yet we still do not analyze them very well.
Informal care is an example of an opportunity cost. Informal carers find it hard to balance their time to their patient’s time because some tasks are time-bound or can be accomplished in a certain time of day. Example

Nowadays people are busy or lazy, they tend to procrastinate. Example, when a solicitation for donation is requested people to make an oversight, unconsciously until it is forgotten or done at the last minute. The question is, would longer deadlines or shorter deadlines influence people to donate early and not procrastinate? Field experiments, suggests that charitable giving does not depend on the deadline length (Damgaard & Gravert 2014, cited in Knowles & Servatáka, 2011). Nowadays, people may be more likely to ‘find’ the time to take an action that increases their own consumption but less likely ‘find’ the time to take an action that benefits others (Knowles & Servatáka, 2011). People give up the opportunity to help others just to benefit themselves.
We spend money every day without knowing the consequence or the cost. When choosing something, decision making is very important when it comes to money. When we look at what else we could do with our money, or buy thing blindly we don’t consider the opportunities we have lose (Levitt, 2012).When it comes to opportunity cost decision making has as important role. Without it, we would have made the wrong choices and have lost many