- Every day we make choices over what to eat, how to spend our time and money; but what are your opportunity costs?
6 Comments
Katelyn
23/9/2013 05:44:45 am
Everyday we make opportunity costs, sometimes without even realising it, and whether we are aware of it or not they do affect our everyday lives. For every decision that is made there is always an opportunity cost, this being the highest valued alternative to your first choice.The opportunity cost can be something as little as deciding to have white bread over brown. Because you chose white bread as your first choice, the opportunity cost would be brown bread.
Reply
Mr Tarn
23/9/2013 05:16:15 pm
Great piece on the choices you have made and the inevitable sacrifices (re: opportunity costs); although I'm not fully supportive of your final choice (re: homework being your opportunity cost)!
Reply
Kelsey
23/9/2013 05:12:32 pm
Opportunity cost occurs in my everyday life, whether I realise it or not. Lots of choices occur to me every day for example every morning when my alarm goes off I decide whether to get up for or not, the opportunity cost of staying in bed longer (the decision I usually make) is getting up and getting ready without rushing.
Reply
Mr Tarn
23/9/2013 05:22:24 pm
Exactly what I was looking for!
Reply
Eden
1/10/2013 06:57:15 pm
It was my birthday! I was deciding whether to go to Central Park or Joe Rigatonis. I’ve never been to Central Park and I go to Joe Rigatonis a lot so I know what the food tastes like. As it was my birthday I didn’t want a bad meal so I went to Joe Rigatonis as I like it there and I knew it would be nice like all the other times. Therefore, Central Park was my opportunity cost as I went to Joe Rigatonis and enjoyed my pepperoni pizza!
Reply
Mr Tarn
1/10/2013 07:02:23 pm
Many happy returns Eden!
Reply
Your comment will be posted after it is approved.
Leave a Reply. |
FORUM...Share ideas, questions and advice... just click on add comment! |