The idea of opportunity can be linked to a favorable context or one that provides some advantage.
Opportunity , from the Latin opportunitas , 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 . Opportunities, therefore, are the moments or periods that are conducive to carrying out an action.
For example: A person wants to buy a car. While searching for the vehicle that meets his needs, he learns that a neighbor urgently wants to sell his. It is, therefore, an opportunity for the buyer.
Opportunities arise at certain times in life and must be taken advantage of to avoid regret later. 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 arise in any area and analyze them to determine which is the most convenient option for you.
Opportunities in the professional field
Nowadays this concept is used especially to refer to professional or work opportunities , referring to the chances that a person has of improving their situation at work . It can mean the possibility of a promotion, a hiring offer or the proposal to start a new project or venture.
In all professions it is recommended that experts are always researching and perfecting their knowledge; In this way they become more fit and efficient people, adapting to the new tools on the market. Those people who remain active and constantly learning will be better prepared to effectively face new job opportunities, with which they will be able to achieve personal and professional progress.
The concept in commerce and economics
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 websites where second-hand products are sold or at a more affordable price than in the rest of the market are also included in this concept.
The cost of investing the means available in a certain commercial alternative, which means leaving 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 (loss or gain) that arises when making any decision.
When taking advantage of an opportunity, other options are often left aside.
The term was first conceived in 1914 by Friedrich von Wieser, who proposed the Theory of Social Economy , where this concept referred to what is given up when making an economic decision. In this way, every time we have to choose to buy one thing or another we are assuming that risk.
Examples of opportunity cost
For example, if we have a certain budget to choose between a bottle of wine or a bottle of beer, whatever our final decision is, we will have an opportunity cost that will be giving up 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 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.
Regarding heritage , it will be modified based on the decisions we make. If, for example, we have 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 said land. If we decide to build, the opportunity cost of said space is calculated by adding the cost of construction and the amount of lost income.
Finally, it is worth clarifying that the opportunity cost is often subjective since the analysis takes into account a person's point of view and their value judgments, so that only those who invest know how much they lose and gain in each operation and how much that could affect your long-term well-being and finances.