Month: December 2020

You can’t have your cake and eat it (too) is a popular English idiomatic proverb or figure of speech. The proverb literally means “you cannot simultaneously retain your cake and eat it”. Once the cake is eaten, it is gone. The proverb’s meaning is similar to the phrases “you can’t have it both ways” and “you can’t have the… Continue reading Have your cake and eat it

In microeconomic theory, opportunity cost, or alternative cost, is the loss of potential gain from other alternatives when one particular alternative is chosen over the others.[1] In simple terms, opportunity cost is the loss of the benefit that could have been enjoyed had a given choice not been made. As a representation of the relationship between scarcity and choice,[2] the objective of… Continue reading Opportunity cost