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Opportunity Cost by Hayley Mackay
Transcript of Opportunity Cost by Hayley Mackay
By Hayley Mackay
An economic definition...
In the world today there is an underlying issue of scarcity, the problem of people having unlimited wants with limited resources. This is where choice comes into play. You cannot always have it all, so sadly you must choose one or the other.
Everytime you make a choice; you are not choosing something else. The potential gain from the choice you are giving up is known as the opportunity cost.
A real dilemma...
Nationals are fast approaching so it's time to hit the golf course and cram in as much practice as possible. However finals week is also quickly dawning on me. You see my problem...
What to do?
Hit the course...
Or hit the books...
I decide to be a dedicated student and put all my free time into studying to make sure I get that A in economics. However those hours I spent studying, were hours that I didn't spend at the golf course.
To put in the hours studying, I had to sacrifice golf practice which in the long run lead to us narrowly losing, missing out on becoming national champions. Here you can see the opportunity cost of studying more, is not winning nationals.
What did you learn?
Economics is all about making choices and therefore sacrifices. It is just important to make sure the opportunity cost (your sacrifice) does not outweigh the gain (your choice.)