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Opportunity cost is interesting concept, it is applied for many aspects of human life. This padlet slide includes good resources from internet to show specific economic side and others of opportunity cost. By doing research in some kind of videos, websites and images, we have specific view  about opportunity cost.

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Opportunity cost is interesting concept, it is applied for many aspects of human life. This padlet slide includes good resources from internet to show specific economic side and others of opportunity cost. By doing research in some kind of videos, websites and images, we have specific view  about opportunity cost.

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In this article, author discussed about opportunity cost of the daycare dilemma. In beggining of the article, author mentions some concepts of opportunity cost, that people should know, “opportunity cost is directly connected to scarcity” and “opportunity cost is about trade-offs”. So people should recognize the cost to make the wise choice than say no the trade-off. By understanding carefully about opportuntity cost, politicians should mention both sides of a choice for citizen than just provide only the benefits.
I choose this, because it shows the truth, politicians never provide opportunity costs for their proposals. When people do electorate, they can not make a wise choice. It is important to count opportunity cost in every aspect of life, not just in economic side.

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Politicians should be counting opportunity costs of the 'daycare dilemma'

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Liberal leadership candidate Martha Hall Findlay recently announced that she would create a national child care and early learning program that would "end the daycare dilemma." While we could argue about the benefits of such a program, that is not my interest. In fact, the benefits are well articulated and understood.

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The first video is simple example about opportunity cost. In this video, we have general understanding and overview the concept. In example of relationship between catching rabbits and harvesting berries, the author showed many definitionfor this sample such as opportunity cost, marginal cost, scenario. Moreover, author illustrated the context with the opportunity cost curve. By doing that, those defininition are easy to understand, as well as many concepts were show on easy way like PPE, impossible, possible, efficient.
This video is a good sample, useful for every one to get understanding about opportunity cost, because every thing was coverred clearly with basic example (rabbit and berrie).

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Increasing opportunity cost | Microeconomics | Khan Academy

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In this videos, opportunity cost was clarified by examples, those base on context in real life of human. In beginning of video, author provides four case of people to think about. After explaination those cases in defferent perspective, author gives definition of opportunity cost and why this was applied to four cases before. When we have basic understanding about opportunity cost, author explains again those cases in the economic profit and spychic profit, and leads to conclusion about the opportunity cost in human life.
This video was exciting to me because it showed each specific perspective of every context. After watching this video, i was wonder how about application of opportunity cost in some case of my life.

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This video begins with determine definition of opportunity cost via some economic concepts such as value, resource, scarcity. After that, author shows how opportunity cost effect to the choices in the real world. To make it clear, author explains those with some examples in real life, what usually happen. By those, author concludes: “ think economically equal to look at the choice through the eyes of the benefits and the costs”.
By showing opportunity cost realating to economic terms,  the author explains clearly why people do care about opportunity, and what motivate people do a choice in real world as well as what is both side (cost and benefit) when we do some choices.

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Opportunity Cost Definition and Real World Examples

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In this website, author compares between opportunity cost and opportunity lost. Beside mention definition of both, those were clarified by using some examples from four main perspective housing cost, financial cost, emotional cost and lifestyle cost. Base on that, author mentions that opportunity cost plays an important role in any life decision.
I choose this article because it is real life example about opportunity cost. From this, i realize that whenever making decision, we have to consider carefully the benefits over opportunity costs to get the good outcomes.

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Opportunities fly by while we sit regretting the chances we have lost, and the happiness that comes to us we heed not, because of the happiness that is gone.
~Jerome K. Jerome, The Idle Thoughts of an Idle Fellow, 1889

Whether you're talking about your investments, your view on the economy, or your approach to life in general, your conclusions, actions and results usually hinge on your perspective. I'm often amazed at how different people view the same situation in very different ways. I'm even more amazed by how slight changes in how we look at things can literally change the course and quality of our lives.

Last week I promised to fill you in on what's been happening with our life changes. (If you're not familiar with the background story, take a look at Risk Is Relative.) We bought a home in a new city last week. We've spent a lot of time over the past two months looking at houses and weighing options, but this transaction happened really fast.

We were originally going to move to a very small town about 2½ hours away from here. Gradually, we came to realize that this probably wouldn't suit us as well as we thought. We liked the idea of a simpler life, but couldn't fathom the thought of driving 30 minutes or more to reach major shopping areas. Apparently, we're city slickers at heart.

The home we bought is only about 2 years old. It's pretty nice, but the truth is that we had to act on it so quickly in order to secure it that we didn't have much time to scout out the area. We know that the city is centrally located in Ontario, so that will be great for the new business. Other than that, we're kind of going in blind.

We don't take possession, however, until mid-August (the closing date is actually on our 19th wedding anniversary!) so we'll have plenty of time to investigate. Now we need to concentrate on selling our existing home.

According to Wikipedia, opportunity cost is "the cost of any activity measured in terms of the best alternative forgone." It's a key concept in economics and investing, but it can also play an important role in just about any life decision. When we decided to move in order to have the opportunity to maximize the potential benefits of my husband's new job, we had to weigh some pretty serious opportunity costs:

1. Housing Cost: Our current home is located in an area where housing is relatively inexpensive, whereas our new home is in an area where housing is more costly. Our current home would probably be worth about $175,00 more if it were located in the city to which we're moving. We love our current home, so it definitely hurts, both emotionally and financially to pay more for less in order to make this move.

2. Emotional Cost: Because we chose every aspect of our current home and we've lived here longer than any place we've been before, it's really hard to let go. This house is truly home. In addition, we will be leaving the city where both of our parents live. We had hoped to be close by as they age. The boys will be leaving long-time friends and starting at new schools as well.

3. Financial Cost: As mentioned above, the new home will cost significantly more than our current home, and we will still have to finish the basement to bring it even close to our current home in terms of space and comfort. Our existing home is almost paid off, and the new home will mean that my mortgage vendetta will be extended. 🙁 This will also have implications for our budgeting and retirement planning as paying off the mortgage was going to accelerate our retirement savings significantly.

Wow. After writing that, I'm starting to wonder if we've made the right choice. But let's look at the potential benefits of the move in terms of the opportunity cost of NOT moving.

"Opportunity is missed by most people because it is dressed in overalls and looks like work."
~Thomas Edison

Change is at least a little scary for most people. For some - myself included - it can be downright paralyzing. I tend to play it extra-safe, but I'm married to someone who's always pushing me to at least look at the benefits of taking the occasional leap. I'm not afraid to leap either, but I usually like to think about it a lot longer first.

My arguments for staying here are outlined above in the section on the opportunity costs of moving. However, I can also make a pretty good case for the opportunity costs of staying put:

1. Financial Cost: If we choose to stay in our current city, the new business would be much more difficult to run. Mr. Cents is responsible for getting a new division of the company off the ground in Ontario. It's essential that we're more centrally located to do that. If we do this right, we could easily make this thing a huge success and benefit from the income that goes with it as well. The new mortgage could then be dispatched very quickly, and our retirement plan, turbo charged.

2. Emotional Cost: Aside from the proximity of family and friends, we don't exactly enjoy the city we live in right now. The new city is closer to some of the cultural and intellectual action in Ontario and we think this could be a good thing for our two musically inclined sons. There are plenty of post-secondary opportunities in the area if they choose to go that route. In addition, one of my sisters lives just a half-hour drive away, so our youngest son will get to visit with his cousins (who are closer to his age) a lot more often.

3. Lifestyle Cost: We've been so preoccupied with finding a new city/house that we haven't devoted as much time to getting the business off the ground as we'd like. Having said that, Mr. Cents is loving the work so far. This is basically the ideal job we've been hoping for since he left his other position in 2008. We can both work on the business, but I have the freedom to concentrate on home (and Balance Junkie!) as well.

Perception is Nine Tenths of Reality

Every exit is an entrance somewhere else.
~Tom Stoppard

Doors are funny. Do they keep stuff out, or keep you in? Is a door an entrance or an exit? It all depends on where you're standing and where you want to be. Do you want in or out? Perception is everything.

Obviously, we have decided, somewhat reluctantly, that we want out of our current life and are hoping that the new life we're entering is to our liking. We understand that there are opportunity costs whether we decide to stay or go, but we're willing to take the chance that the risks outweigh the rewards. We're choosing to risk some opportunity costs to avoid an opportunity lost. There are no guarantees either way, but we think we can make this work for our family.
Do you weigh the opportunity costs when you've got a choice to make? Do you ever find that the prospect of change keeps you from making a choice? (Photo Credit: Norma Cornes/Shutterstock.com)

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Opportunities fly by while we sit regretting the chances we have lost, and the happiness that comes to us we heed not, because of the happiness that is gone. ~Jerome K. Jerome, The Idle Thoughts of an Idle Fellow, 1889 Whether you're talking about your investments, your view on the economy, or your approach to life in general, your conclusions, actions and results usually hinge on your perspective.

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Both farmily choice and government choice also base on their budget and priority. Both choices have opportunity cost. B.C. government spent money and there are some opportunity costs of that. For example, there is $514 million for BC Place stadium's roof, and the cost are schools with leaky roofs, mould, rat infestations, there is $100 million to help pulp mills to upgrade buildings for energy conservation, and yet no money for seismic upgrades in schools.

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When Premier Clark decided that pets living in B.C. were vulnerable and needed protection, did anyone in her cabinet mention her "families first" promise during her last election campaign?

I have a friend who is so poor that sometimes he will buy one can of tuna so that both he and his cat can eat. He's not the only B.C. citizen trying to make the most of extremely limited resources. He certainly considers himself luckier than those who sometimes can only afford to eat pet food.

Choices that many families in this province have to make daily are heart wrenching. Food or hydro. Rent or MSP premium. Winter boots or a winter coat. Families living in poverty don't have the option of choosing both.

But those whom we elect to be in charge of our public funds have far more options which is why it's quite mind-boggling to see some of the choices they make.

It's hard to makes sense of the $100 million deposit into the " prosperity fund" at the same time that the education budget is being eviscerated: $5.1 billion only sounds like a lot of money until you realize that $4.1 billion has been cut from the budget since the B.C. Liberals came into office in 2001.

Why is there $514 million for BC Place stadium's roof, and yet there are schools with leaky roofs, mould, rat infestations and water in which fish eggs die?

Why is there $100 million to help pulp mills to upgrade buildings for energy conservation, and yet no money for seismic upgrades in schools?

Whenever families create household budgets we have to make choices based on our family priorities. Spending on a trip to Disneyland is less important than saving for college. Spending money on groceries is prioritized over spending money on eating out. Families well understand the basic premise of budgeting: choosing to spend your money on one thing means that you lose the opportunity to spend it somewhere else.

The latest B.C. government ads tell us that with the B.C. Liberals, we will have lots of opportunities, but at what cost? The 2016 budget made sure that the government would have the opportunity to create many glowing ads now that the budget for such communications has been increased by 43 per cent to $37.9 million. What opportunities would school districts have to change the lives of children in this province with that kind of money?

It's difficult to get them to see that a balanced budget is a myth after three decades of so many pundits and politicians telling them otherwise.

But government budgets are nothing like family budgets. Families can't "print money" as governments can. (The financial term for it is quantitative easing.) Families cannot change laws to benefit themselves and their budgets. Families also have no control over the value of a dollar.

In fact a family's budget has little in common with a government's budget and yet a whole succession of governments have successfully persuaded the public that in order for a government to balance its budget, it is necessary that some people suffer.

People, who I know to be kind and caring, will say that it's unfortunate that schools need more funding but it's more important that the budget be balanced. They think that balancing the budget is a higher priority than providing people on disability with bus passes. And, even though they agree that it's sad that one in five children is living in poverty, they believe that nothing can be done because the budget needs to be balanced.

It's difficult to get them to see that a balanced budget is a myth after three decades of so many pundits and politicians telling them otherwise. It's understandable that most people who watch the nightly news would have no idea that having so many people living in poverty costs more money than it would cost to ensure people were not stuck in a poverty cycle.

The latest B.C. Liberal government ads are right about one thing. B.C. does have an opportunity to create a more prosperous future. All it will cost is the election of a new government. One that will not only protect pets but children living in poverty too.

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The Devastating Opportunity Costs Of B.C.'s 'Balanced Budget'

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I have a friend who is so poor that sometimes he will buy one can of tuna so that both he and his cat can eat. He's not the only B.C. citizen trying to make the most of extremely limited resources. He certainly considers himself luckier than those who sometimes can only afford to eat pet food.

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The opportunity costs are factor for decisions made, it have the fomula, and can be calculated: Opportunity cost = Return on the best option not chosen - Return on the option chosen. Opportunity can view as a trade-off. In real life, decisions of opportunity seems like more comlexity because every decisions have more opportunity costs and benefits.

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Investors are always faced with options about where they should invest their money.

Opportunity cost is the cost of a foregone alternative. If you chose one alternative over another, then the cost of choosing that alternative is an opportunity cost.

The term opportunity cost is often used in finance and economics when trying to choose one investment, either financial or capital, over another. It is a measure of any economic choice as compared to the next best one.

For example, there is an opportunity cost over choosing an investment in bonds over an investment in stocks.

Why Opportunity Costs Matter

Opportunity costs are a factor not only in decisions made by consumers, but in other decisions as well such as production, time management and capital allocation.

Alternative Financial Actions

When referring to opportunity costs, investors often see it as the benefits you would have received by taking an alternative financial action.

The difference in return between a chosen investment and one that is the forgone alternative is essentially your opportunity cost. For example, if you invest in a stock and it returns only 3% over the year, and you gave up the opportunity of another investment yielding 8%, your opportunity costs are 8% - 3%, which is 5%.

For example, there is an opportunity cost over choosing an investment in bonds over an investment in stocks.

Opportunity Cost Viewed as a Trade-Off

Some investors view opportunity costs as a trade-off.

So if you chose to invest in government bonds over high-risk stocks, that's a trade-off on return that you chose.

Trade-offs are when you forgo one options for another. There are trade-offs involved in any decision that requires choosing one option or another. For example, if you chose not to go to one restaurant in order to eat at another, that is a trade-off.

You chose to read this article instead of reading another, checking your Facebook page or watching television. You made a choice that resulted in a trade-off. Your life is the result of your past decisions. That, essentially, is the definition of opportunity cost.

What is Liquidity of Opportunity Cost?

If two investments have the potential to generate the same return, but one requires you to tie up your cash for two years, while another won't allow you to touch your money for 10 years, you need to make a decision based on how liquid you need your money to be.

One option may be more attractive based on the predicted rate of return, but the other option may be more appealing based on the need for your money to be liquid.

The biggest opportunity cost when it comes to liquidity has to do with the chance that you might pass up a "hot" investment because you can't get your hands on your money that is tied up in another investment.

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Investors are always faced with options about where they should invest their money. Opportunity cost is the cost of a foregone alternative. If you chose one alternative over another, then the cost of choosing that alternative is an opportunity cost.

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In this video, author explain two concepts comparative advantage and opportunity cost by using an example of Mark and Lucy, who pick apple and orange. There are some different comparative advantages and opportunity costs in each case, for example, Mark only pick apple and Lucy only pick orange, or Mark and Lucy pick both apple and orange. By comparision those case, author shows to us the concepts, that Mark and Lucy have to forgone. And the best benefits is Mark and Lucy sharing product. That leads to explain why countries trade products to each other to get the least cost.
I choose this video because it is very easy to understand about opportunity cost as well as comparative advantage with the simple example .

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Comparative advantage and opportunity cost: how economic sharing is caring

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This is the example of opportunity cost curve. In this curve we can see relationship between weath over time and effort. For instance, if we want to get higher weath, we have to spend more time and effort as a opportunity cost.

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Money and time are two things what people always care about. But as we see, money and time are put in the balance, that means every time we get more one thing, we must forgo another. Money or time is an opportunity cost of another.

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1. What did you learn about your topic that surprised you the most?
I was wonder that every decision always their opportunity costs. Some the opportunity costs are there, but we have not known about. And when we make a choice, we always want to do alternative actions get highest benefits over least costs.

2. Provide a real-life example of how this topic is relevant or interesting for you.

For example, there are costs and benefits when i am studying in Durham College.
- Costs: spend alot money to study  here, live far from home.
- Benefits: study in a good environment education, get a chance to work in Canada,

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?
Every time we make a choice, there are some things forgone. But in purpose to reduce opportunity cost, we can share to others to get best outcome,