Opportunity Cost
Opportunity costs
The first opportunity cost that I made was choosing to enroll in a university that offers online courses or going to a traditional university that only has classroom style learning. The pros of attending online for me included not having to commute back and forth 40 additional miles per day, not having to hire a babysitter for my child, and I’d be in the comfort of my own home or environment to my liking when I studied. The cons included, not having that social connection to my classmates, spending an additional amount of money to commute back and forth, and not having the space to balance work and family around my education. After weighing my pros and cons, I chose to attend a university that offered online courses. The …show more content…
This one I had to really think about because I prefer not to take off work. When I analyzed the worst case scenario of not going, I chose to take off and go to the appointment. The opportunity cost would have possibly cost me more if I chose to cancel my appointment. In the long run, I would probably end up missing more than one day of work.
The first two scenarios were not related to money costs at all, but the last situation actually did refer to monetary cost because I would lose a day’s worth or more of earning pay.
Relevant article
Costs and Incidence of Long-Term Care. Long-term care needs are a possibility and not planning for them will lead to a greater opportunity cost than if you did. It is estimated that 58% of men and 79% of women aged 65 or older will need long-term during this period of their life. I found this interesting enough because in reality many people fail to realize that planning ahead will eliminate a lot of stress from themselves and family members. It also shows how much of an impact it may cause if you don’t plan accordingly. http://www.forbes.com/sites/wadepfau/2016/01/05/costs-and-incidence-of-long-term-care/ Campaign Speech on Free …show more content…
There is a good side to free trade and of course, there is also a bad side to it. I understand that many countries are worried that free trade leads to inequality brought on by exporting. There are some nations who choose to export their natural resources to other nations rather than share them with the poorer areas of their country. Small businesses across the world may feel threatened by multinational corporations. I hear and understand all of your concerns, however, there are some really good factors as well. The level of national security will make us all safer, whether you’re in a small rural town located in India or in a major city like Tokyo, Japan. Conflict will become less and less likely as companies start to depend on each other economically. Free trade allows entrepreneurs to recycle money back to the same market that they sell their products from, thus allowing that money to be contributed towards the arts and culture within the community. In the long run, free trade is good for the
The first opportunity cost that I made was choosing to enroll in a university that offers online courses or going to a traditional university that only has classroom style learning. The pros of attending online for me included not having to commute back and forth 40 additional miles per day, not having to hire a babysitter for my child, and I’d be in the comfort of my own home or environment to my liking when I studied. The cons included, not having that social connection to my classmates, spending an additional amount of money to commute back and forth, and not having the space to balance work and family around my education. After weighing my pros and cons, I chose to attend a university that offered online courses. The …show more content…
This one I had to really think about because I prefer not to take off work. When I analyzed the worst case scenario of not going, I chose to take off and go to the appointment. The opportunity cost would have possibly cost me more if I chose to cancel my appointment. In the long run, I would probably end up missing more than one day of work.
The first two scenarios were not related to money costs at all, but the last situation actually did refer to monetary cost because I would lose a day’s worth or more of earning pay.
Relevant article
Costs and Incidence of Long-Term Care. Long-term care needs are a possibility and not planning for them will lead to a greater opportunity cost than if you did. It is estimated that 58% of men and 79% of women aged 65 or older will need long-term during this period of their life. I found this interesting enough because in reality many people fail to realize that planning ahead will eliminate a lot of stress from themselves and family members. It also shows how much of an impact it may cause if you don’t plan accordingly. http://www.forbes.com/sites/wadepfau/2016/01/05/costs-and-incidence-of-long-term-care/ Campaign Speech on Free …show more content…
There is a good side to free trade and of course, there is also a bad side to it. I understand that many countries are worried that free trade leads to inequality brought on by exporting. There are some nations who choose to export their natural resources to other nations rather than share them with the poorer areas of their country. Small businesses across the world may feel threatened by multinational corporations. I hear and understand all of your concerns, however, there are some really good factors as well. The level of national security will make us all safer, whether you’re in a small rural town located in India or in a major city like Tokyo, Japan. Conflict will become less and less likely as companies start to depend on each other economically. Free trade allows entrepreneurs to recycle money back to the same market that they sell their products from, thus allowing that money to be contributed towards the arts and culture within the community. In the long run, free trade is good for the