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The Wardrobe Stylist

Advice on Fashion, Beauty, Fitness, Home Décor & DIY

Opportunity Cost of Good Exercises During a Pandemic

August 1, 2020 · Fitness




As an old saying goes, you miss 100 percent of the shots you don’t make…but you also do miss out on something whenever you make a shot. This stands true even if you managed to shoot. A shot in a different part of the court could have won you more points, but you risk missing the shot altogether. You could pass it to a capable teammate, but what if they miss?

This balance of risks, rewards, and losses applies to economics as it does to sports, finance, healthy habits, anything really. This is the reality of the trade-off. To be effective, you need to weigh major decisions based on this principle. Besides measuring what you stand to gain, you must consider your alternatives.

Opportunity Cost of Good Exercises During a Pandemic_Pin

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A Matter of Economic Choice

Opportunity cost refers to the trade-off between two decisions. These are the benefits you lose when you choose one option over another. What do you gain when we choose one thing over another. You might want to watch a new movie coming out, or you could pick up a new book. You might have enough money for one or the other, but rarely both. Consider your options with care:

  • Are you a book person or a movie person? Are you both?
  • Which between the book or the movie has garnered better reviews? Which one does the general public prefer? Do you trust them?
  • Is the book or movie about something you like?
  • Is the movie about the book? Do you want the book to spoil you? Will the movie be one of those adaptations that aren’t faithful to the book? Will it be bad because of it?

You might end up watching a lousy movie or read a terrible book. These considerations all factor in how much you stand to lose if you watch the movie or read the book. That’s time and money you’re not getting back. The same principle applies to all decisions.

Cost of Good Exercises

Opportunity cost is not always a monetary expense. Good exercises opportunity cost during a pandemic is the decision between continuing to work out at home or return to the gym. You might not think much of the cost of good exercises at a gym or at home. Suppose your membership is up for renewal and your local gym has reopened. You’ve been training at home or outdoors this whole time and now you are rethinking this to consider going back to the gym or not.

In cases like this, a cost-to-benefit analysis could be done to weigh in the benefits of both options. If the risks on one exceed its possible gains, it might not be worth changing the status quo. In your situation, consider going back to the gym if it makes sense from a risk perspective. Are there good exercises you used to do that you can no longer do now that you don’t the equipment? Will you be going as regularly? Is the location applying safety measures for physical distancing? Are these measures burdening your schedule? Does it accommodate your work from home or work from the office routine, however this may be? Can you still afford the membership fees? Will you continue to perform the good exercises you once did?

To sum it up, is buying the membership worth the costs of missing? Considering opportunity cost make better financial household choices that a couple that may have to consider to remain in a healthy relationship. Read this article from Regain. It will give you more information on premarital counselling to determine financial decisions that may impact your life together.
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Woman doing yoga pose

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Reward Apps

Consider a fitness app that pays its users to workout. Fitbotic uses motion detection technology to track the number of repetitions a user performed through body movement recognition, without the need for additional phone accessories. The app rewards users for working out through Fitbotic credits, which could be used to make purchases through the business’s
e-commerce store or cashed out.
There is of course a monthly fee of $9.99. If you work out consistently and meet all your goals, you can get all of your money back and even make a few dollars. If you are not doing great, keeping up and meeting the goals, you won’t be able to earn the money back. Users seeking further motivation would also be able to choose from a range of virtual trainers to count repetitions.
This is a great behavioural economics initiative to get you to work out more with accountability but as we’ve seen above, consider your options before signing up.

Workout Regimes & Gear

The same can be said about workout gear and regimes. While Future Fit Training has revealed the world’s favourite workout regimes, with Yoga, Zumba, Pilates, CrossFit, and running topping the charts, you may want to consider your opportunity cost for each type. Here you may consider impact, time, agility, equipment, level, accessibility and more for each type of regime.
Another study revealed that Adidas is the favourite fitness brand in 58 countries, Nike in 90 countries, and Lululemon as Canada’s preferred choice, after your opportunity cost analysis, your options may differ. For this option you may want to think of comfort, fit, style, colours, longevity, price, social desirability and more.

Gold Elements 728x90 summer banner

Map of favourite brands by country

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The Gist of it

Reviewing your choices from an opportunity cost perspective is not only economically wise, but can also save you other headaches. Sometimes the choices seem clear but you must consider what else you are missing out on if you don’t opt for the other choices. How do you determine decisions before taking them?

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Hi, my name is Rania. Welcome to my blog The Wardrobe Stylist where you'll get the best advice on fashion, fitness, beauty, home decor and DIY.

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The Trucker convoy is still going strong and sprea The Trucker convoy is still going strong and spreading around the world. The trump cheerleaders found themselves another excuse to occupy institutional buildings and the cities that house them. While I too am fed up of the mandates, I don’t believe their plights are justified. Yes it’s frustrating the flip flop between closures and reopening, and while they are implemented at times to limit the spread as to alleviate the strain on the healthcare system, as annoying as they are, I don’t think it’s a reason to be shouting freedom on parliament hill, harassing residents or blatantly displaying racist symbols and rhetoric. For the most part, mandates are not stopping anyone from living, going out, even travelling! They’re a temporary inconvenience to our daily lives, but in due time, will be lifted as COVID becomes more manageable. This isn’t the worlds first go around at a pandemic. Each round takes time to return things back to normal…Just go back to 1918 to see what happened…were those public health measures still in effect 5 or 10 years later?? My heart goes out to businesses and employees whose livelihoods have suffered, especially as gov assistance winds down. But like all trends, major events force humanity to readapt (think automation). Vacancy rate has been at an all time high and unemployment back to pre-pandemic levels, proof that many employees and businesses have retooled and transformed. If those convoys feel strongly about protesting, they should protest for healthcare reform. Canada is ranking as the worst in the G7 for healthcare. Our system is riddled with administrators, not enough doctors or nurses. Caps are put in residency spots and foreign trained healthcare workers waste expertise on low-skilled work as they’re deemed “not good enough” to work in the Canadian healthcare system…now that’s something worth shouting freedom for! Swipe left for more.

Source @oncanadaproject @washingtonpost
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