[This is part of the series: The Complete Guide To Economics 101.]
What is a sunk cost?
Sunk Costs are costs that have been spent and cannot be gotten back.
Because they cannot be recovered, they should not influence any decision making.
If you push me on it, I will tell you that sunk costs are going to a Cory Morrow concert alone.
The point is, sunk costs should be ignored.
