What is the opportunity cost of smoking?

Introduction

When we spend some money, time, and effort on something we desire it creates an opportunity that means at the same time that money, time, and effort can not be spent somewhere else. Let suppose a person is spending $20 on watching a movie in a cinema for two hours, here goes developing an opportunity that at the same time he could not spend $20 and time on something else. This article will look at the opportunity cost of smoking. How much income is lost? how much you can save? how much your health has lost? and how much others are suffering because of you?

What does the opportunity cost?

In order to find out the opportunity cost of smoking, first, we have to understand what does it means. The loss of other alternatives when one is chosen is called opportunity cost. For example, someone gives up going to movies to study for a test in order to get good grades. This concept is very useful in order to examine all reasonable alternatives before making a decision.

The opportunity cost of smoking

Smoking is not only dangerous for your health but it also burns your pocket in different ways. More than half a million deaths in the world are the leading cause of lung cancer every year. Now in these people, some may not smoke but as we know that even those around tobacco smokers are not safe from its harmful effects.

 

  • According to the American Lungs Association, more than 2.5 million lung cancer patients are nonsmokers and developed diseases from second-hand smoking. Here we can see the opportunity created by smoking that we could harm the health of our loved ones. Then paying hospital bills and doing anything to make them healthy also counts in opportunity cost.

The average cost of one pack of cigarettes is round about $6. Suppose a person who consumes 1/2 pack per day. Let's see the opportunity cost of a person smoking 1/2 per day.

  • If someone spends $9 on smoking cigarettes per day means he spends $270 per month. Now that is the opportunity cost here? First, he could save this money for the future. Secondly, he could spend this money at the gym building his body healthy. He could also spend this money on buying organic food. In short, he could spend or save this money on many alternatives.
  • Now let see how much he spend yearly. $270 per month means $3,240. Now this some big cash, he could buy an expensive ring for someone he loves.
  • Let suppose a person is smoking for 40 years. $3240 yearly means he had spent $129,600. He could buy a house and a car, simply by not smoking and saving those dollars.
  • It's not just money that is lost but your health and health of others you care about. It was just an example of one person. If two people in a family smoke imagine how much they can save or if a person smokes 3 packs daily imagine how much he could gain by simply choosing another alternative.

Conclusion

You have seen the real cost of smoking in this article. You are not aware of the decisions we make. A person should think rationally before making a decision. You have seen how much money can you waste or save just making one decision continue smoking or quit smoking.

 

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Comments
abhishek yadav - Jun 10, 2020, 2:57 PM - Add Reply

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Novair - Jun 10, 2020, 10:41 PM - Add Reply

It depends when someone reads your article for 3 to 4 mins you get a paid view and when someone open your article you get a hit. Thank you.

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