Roy H. Williams Quotes

In economics, one of the most important concepts is 'opportunity cost' - the idea that once you spend your money on something, you can't spend it again on something else.

We make choices every single day of our lives and those choices mean we must give up something in exchange for another. In economics it's called an 'opportunity cost.'

Because economics is all about optimising, doing the best you can with what you have - it's usually the first place you should look for answers if you want to maximise your happiness.

There's no such thing as a free lunch.

A cent is the representative of a certain quantity of corn or other commodity. Its value is in the necessities of the animal man. It is so much warmth, so much bread, so much water, so much land.

After all, money is but the agent of the transfer of values

Throwing money after security turns out to be a classic example of the law of diminishing marginal utility.

Actually, in my advanced, high-falutin' frontier economics, I often work with what I define as 'money metric utility,' and I ask people, 'Do you really want that? What are you willing to pay for that?'

Economics is a choice between alternatives all the time. Those are the trade-offs.

About the only useful thing my economics degree taught me was that, in all decisions in life, you have to do a cost-benefit analysis.

There ain't no such thing as a free lunch.

Money is all about opportunity cost. Every time you spend on something, that's something you can't spend on something else.

Everything has its price - and if that price is not paid, not that thing but something else is obtained... it is impossible to get anything without this price.

Something is worth what somebody will pay for it. Nothing else, nothing more, nothing less.

When you have to earmark human and monetary resources for such a long time, it starts to hinder your other activities.

The cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.

From my experience and understanding, I believe money follows name and fame, while recognition calls for a huge amount of sacrifice. To get something, you have to lose something. That's the rule of life.

Play, as a consumers' good, is subject to the law of marginal utility, as are all goods, and the time spent in play will be balanced against the utility to be derived from other obtainable goods.

Any time you have change, it costs somebody. Somebody is a loser.

When something becomes a business, 50% of your decisions are what you have to do and not what you want to do.

You know what I learned? Everything has a price.

Opportunity cost is a huge filter in life. If you've got two suitors who are really eager to have you and one is way the hell better than the other, you do not have to spend much time with the other. And that's the way we filter out buying opportunities.

Nothing comes without a price.

I never confuse the cost of something with its value

Money is the general medium of exchange. It is the thing for which all other goods are traded, the means of final payment for such goods on the market.