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Weighing the Gain of a decision against the potential Cost of not getting Gains of other decisions.

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On this Padlet wall you will find multiple sources and summaries related to Opportunity Cost and its applications in the Canadian economy. I hope to help you understand Opportunity Cost in a comfortable, informative, way. Enjoy!

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This video really shows a good breakdown of the fomula used to calculate Opportunity Cost. It makes it easy to follow how by concidering each alternative, you can estimate which decision will give the most gain or profit.

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Video #2: Opportunity Cost Definition and Real World Examples (https://www.youtube.com/watch?v=NwOYLV-L7pc)

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Video #2: Opportunity Cost Definition and Real World Examples (https://www.youtube.com/watch?v=NwOYLV-L7pc)

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This video gives a great definition of Opportunity Cost but, more importantly, it gives better examples. This video revealed that when looking for an Opportunity Cost, all future costs and benefits should be considered.

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Video #3: Comparative advantage and opportunity cost: how economic sharing is caring (https://www.youtube.com/watch?v=ZfRS9X6ivl8)

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Video #3: Comparative advantage and opportunity cost: how economic sharing is caring (https://www.youtube.com/watch?v=ZfRS9X6ivl8)

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This video opens up Opportunity Cost to new thinking. When the video shows that Opportunity Cost can be used for two people trading it opens up how we see the Cost. By sharing in business and trade, Opportunity Cost can be changed for a possitive for both parties.

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This article really gives a nice real world example in Canada about the opportunity cost of oil sands in North America and what it has to do with climate change. The clear cut is the benefit of profit from oil at the cost of the drilling's impact on the enviroment.

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This article reveals some of the thinking in restaraunt business when it comes to Opportunity Cost. What is more important to a restaurant?
Raising order costs to gain more income at the cost of customer satisfaction. Or, keeping your menu the same price which keeps customer loyalty at the cost of a lower income.

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This article takes a bit of an abstract look at the Opportunity Cost of attending College. Its a very relatable example as everyone in this course is attending Durham College. The article really shows how besides money, one of the biggest Costs in calculating Opportunity Cost is time.

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Image #1: Opportunity Cost and You              (https://dotesportsmedia.nyc3.cdn.digitaloceanspaces.com/wpcontent/uploads/2018/08/12022402/image_19kib76hvofk1vpomrgc2n1a496.png)

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Image #1: Opportunity Cost and You              (https://dotesportsmedia.nyc3.cdn.digitaloceanspaces.com/wpcontent/uploads/2018/08/12022402/image_19kib76hvofk1vpomrgc2n1a496.png)

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This image is quite relatable expecially right now around exam time. It shows how you can study late at night but you miss out on valuable time you could be sleeping.

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This picture shows the importance of always considering the costs and benefits before starting on any decisions. Without thinking first you might end with much greater costs then benefits.

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I really enjoy how simple this picture is. It has the two most common quantities of Cost and Gain, Time and Money. In almost every example of Opportunity Cost there will be one of these present which really shows their importance.