B2 – Upper Intermediate
Have you ever made a bad decision and felt the need to correct or fix your mistake? Everyone in this world has experienced lapses in judgment from time to time, but the way they cope with their errors varies from person to person.
Unfortunately, not all of these methods are healthy or even beneficial, such as the sunk cost fallacy, where we keep doing something because we have already spent time, money, or effort on it, even when continuing is no longer the best choice. In simple terms: “I’ve already invested so much, so I can’t stop now.”
Watch the video to learn more about the sunk cost fallacy.
Vocabulary Questions:
- What does “sunk cost” mean? “I know that there are plenty of other reasons why people stay together, but sunk cost is definitely up there.” Use this term to make your own sentence.
- What does “to call it quits” mean? “It’s better to call it quits now and save yourself from future misery.” Give two (2) synonyms or similar expressions and create a sentence using this phrase.
- What does “to dig a big hole for one’s self” mean? “If you continue to pour more resources into a failing project, you’re just digging a bigger hole for yourself.” Use this phrase in your own sentence. Give a synonym or similar expression.
Discussion Questions:
- Why do people find it difficult to walk away from something they have already invested in?
- How can the sunk cost fallacy affect important decisions about relationships, careers, or education?
- When should one accept that an investment was a mistake and move on?
- Is giving up always a bad thing, or can it sometimes be the smartest choice? Explain.
- Have you ever continued doing something because you had already spent money or time on it? What happened?