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Basic Economic Principles 2: Calculating Opportunity Cost

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What Have I Learned About Opportunity Cost And How Do I Apply It

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What Have I Learned About Opportunity Cost And How Do I Apply It

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What surprised me the most about this topic? Simply put? Everything. Opportunity cost is a big factor in everything I don't pay attention too. The video of the guy and his girlfriend is me in every way. I spend a lot of time both playing the game and talking to my friends I never thought about it like this until I actually watched the video. How is this relevant to me? As stated above it's always relative I make decisions every day between 1 or 2 things. Like today to get to my exam I could have waited for the bus and had to leave my house earlier to lose study time or I could have took my car and got more time to study plus to and from school easier. I decided to take my car as it seemed to offer the greatest benefit to me. Which research did I find the most interesting? I found a lot of this research actually boring because opportunity cost is such a straight forward thing there's not much variations to it. However that was where the fun came in. I tried my best to find different sites , videos and pictures so I could kind of spruce up this otherwise boring subject and show different stuff it does and effects. This is what was interesting I saw a ton of different videos that all explained the same thing but they all had a different tint of entertainment to it. What am I most likely to remember? Everything. I don't always think about this stuff. I know I've said it a couple times here but it's true opportunity costs are created every day and we don't see it. At the end of high school in my opinion is where one of our biggest opportunity costs are created and I didn't think about that. At the moment I want to be either a chef, an accountant or an insurance broker but at the end of high school everything I applied to was only Accounting programs. The opportunity cost of doing that was job options. So researching this really made me think harder about it and I'm gonna view every option I have from now on.

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That burger looks good right? What's the opportunity cost to have that burger? 5$, some gas money and time waiting for it. What if you can make it at home instead use some burgers you bought from the store? You maybe pay 6-10$ for a pack of 12 and you get to make your burger the way you want it. So 1 burger for 5 compared to a 12 pack for 6-10$ AND you make it yourself and save gas, This all depends on what you want but this is an opportunity cost one you make every time you go out for lunch or dinner. More importantly though this effects your money and your life.

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I like this site because it gives you a real life scenario about trade offs and how they create opportunity costs. They use an example of a ticket scalper at the super bowl. Every time someone goes to a concert they've bought the ticket and spent the money for it now here's the fun part.

Say you got 2 tickets early 150$ a piece in 2 days it's your concert but you don't have a person for that second ticket anymore and you don't want to go. Should you sell the tickets and make your money back to potentially earn a income? Should you just give your tickets to some other friends at the price you bought them for? These are all opportunity costs and real life scenarios.

This site also as a bonus has a song aobut opportunity cost just below the real life scenario. I used a proxy as I wasn't able to view it from my current location so I don't know if it'll work for you but it was good.

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Trade-Offs and Opportunity Costs overview by PhDs from Stanford, Harvard, Berkeley. In-depth review of Trade-Offs and Opportunity Costs meaning with chart and explanations

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This website provides a vast insight into what exactly is opportunity cost. How do we change our opportunity cost? How do we minimize our losses from opportunity cost? Simple we find the cheapest alternative. This site explains it all and how to do those things. Just like the thumbnail image it shows you want 9 computers? Don't expect any textbooks. How about 5 textbooks? You lose 2 computers. Now which one sounds better to you ? Personally I'd rather have a bit of both but sometimes in companies it's not all that easy. Say this person with computers and textbooks makes 5$ per textbook but 50$ per computer. At max textbooks he'd only make 35$. At max computers he makes 450$ whats the opportunity cost.

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https://www.youtube.com/watch?v=YvFpmIy-Ov0      : Video 3

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https://www.youtube.com/watch?v=YvFpmIy-Ov0      : Video 3

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Sometimes stuff happens at the "wrong time". I know this happens to me a lot I sit down to enjoy a nice game of league and well someone calls me. Do I ignore them and keep playing? Do I answer to talk to them while playing losing focus? Do I stop playing completely and talk to them? How you answer those questions depends on who you are as a person ! These things happen in real life every day and we need to be able to recognize what the opportunity cost is to do anything ! You want to buy apples? You lose 3$ , don't want apples? You save 3$ It happens every day in life and sometimes you don't even realize.

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http://economicsmemes.com/category/opportunity-cost/    : Picture 3

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http://economicsmemes.com/category/opportunity-cost/    : Picture 3

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Sometimes we choose the wrong decisions and we end up losing out on opportunities. Take this bear for example he could have just made a meme but instead he decided to go for a run. What did he lose ? Extra Credit. Don't be that bear!

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http://ebus101.com/what-is-opportunity-cost/     : Picture 1

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http://ebus101.com/what-is-opportunity-cost/     : Picture 1

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This picture shows a very good analogy. Opportunity cost is like a scale. When you move something from one side of a scale to another one side rises and shows a change in position.

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http://www.wikihow.com/Calculate-Opportunity-Cost    : Picture 2

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http://www.wikihow.com/Calculate-Opportunity-Cost    : Picture 2

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Opportunity cost greatly effects a business in many ways from the amount of things made to the amount they lose on an employee. This picture shows the difference between training and not training an employee

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Calculating Opportunity cost      : Video 2

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Calculating Opportunity cost      : Video 2

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This video shows a very simple calculation of how to calculate opportunity cost. No matter what you are doing this very simple principle applies to everything whether you yourself are making a decision OR as a business you are trying to decide what happens if you produce one more thing instead of another. This universal rule you wont ever have to worry about. It won't ever change because opportunity cost is the same no matter what.

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Basic Economic Principles 2: Calculating Opportunity Cost

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Explaining opportunity cost    : Video 1

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Explaining opportunity cost    : Video 1

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I found this video on : https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/production-possibilities/v/opportunity-cost.

This video is very helpful for introducing the subject. Opportunity cost is the costs we take for choosing one scenario over another. This one shows how it can work in a business. He shows this by showing a curve relating the amount of rabbits to the amount of berries . The relation is the more rabbits he has the less berries he has. The trade off is 1 extra rabbit for 20 less berries.

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Opportunity cost and marginal cost based on the PPC

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Today I'll be explaining/teaching you exactly what a trade off is both in your everyday life and within a business .

There are differences between both of those however also a lot of similarities. Eg. Should I buy this product for 5$ now or invest the 5$ somewhere until it comes on sale. On this wall I will include videos, articles and pictures to show you some of the processes that go on while viewing trade- offs.

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 Recognizing trade-offs: comparing opportunity costs of production by Michael Thompson

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 Recognizing trade-offs: comparing opportunity costs of production by Michael Thompson