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Opportunity cost is the loss of making one decision over the other.

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One takeaway from Victoria’s lecture is the use of curves like marginal rate of transformations and marginal rate of substitution in order to maximize feasibility and happiness (optimal choice)

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One thing ive taken away from this module is that calculus is literally everywhere. I find it interesting how marginal product is just instantaneous rate of change.

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My takeaway is that economics is a conceptually difficult class. I learned that theoretical variables can be quantified, which in itself is ambiguous.

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I learned that mst and msi were interesting. Happiness in a Measurable unit of sorts.

The economical correlation between happiness and etc.

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A sunk cost refers to money that has already been spent and cannot be recovered.

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I learned that I'm really going to have to review this module.

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There are always some sort of loss if an individual chooses an alternative option.

Ex: Preferring frosting over cake: you lose more cake.

But some situations are different regarding if the individual actually prefers and feels happy w/ their decision

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Victoria explained to us the difference between receiving one-time rewards versus continuous rewards, and how it affects our "happiness levels"

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Something I learned is the opportunity cost which is economic cost= benefit-out of pocket- opportunity

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Opportunity cost is the best alternative that you did not chose/ gave up.

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One thing I learned was that happiness is measurable and related to economics

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I learned marignal product and with that you could find the instantaneous rate of change of the graph and the marginal product is the basically slope (output over input)

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How a increase in something could not always be a good outcome

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One thing I learned about is opportunity cost and how we can place a personal cost on something even though it doesn't cost that value.