The term “sunk cost” basically means evaluating the cost of something going forward and whether what you already have or have already done will change in value if you have to make a financial change. It’s an interesting concept to know about and can be very helpful for both business and personal decisions. Let’s take a look at it.
a lot of sunk cost items here
Let’s say you have a business and it’s time to do upgrades in office supplies. You already have a lot of office furniture, and you’re thinking about buying newer items because they offer better efficiency. But you’re torn because your current furniture still looks pretty good, and in your mind you think you’d be wasting your money either buying something new or getting rid of something old that your mind still sees as valuable.