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Question 1: While researching Opportunity costs, I was surprised to learn that they are associated with every decision and choice we make in our day to day lives. I always thought that it was only relatable to business economics but now I know that even in situations like choosing which pizza place to order from, there are opportunity costs associated with my choice that must be considered. As I continue with my day to day purchases I will take a closer look at the benefits and downsides of each before I walk to the counter.
Question 2: If I were to try and use the concept of opportunity costs in my life, I would reference balancing studying/ homework and videogames/ procrastinating. Like most students, through my day I am constantly nagged by the feeling of being lazy when presented with homework that must be completed. When I begin to procrastinate, I stop myself and begin to consider what benefits I could be attaining from starting my homework early and leaving goofing off till after I’m finished. From this, I usually end up benefiting from putting down the TV remote and starting my homework right away and feeling less stressed afterwards because of it.
Question 3: During this project I would say the information on purchasing a home vs renting was the most interesting to me. I found this, because it was directly relatable to my life and held a lot of interesting information that I had not previously known. As I continue to get older, I try to educate myself on the best practices for adult responsibilities and how to avoid making dire mistakes that can lead to future mishaps. I think that after this project I will continue to research the opportunity costs of purchasing vs renting to be better prepared for the future.

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Opportunity Costs and What it is
GNED - Money Matters Assignment 2

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An important view from an Industry Leader on Opportunity Costs and Economics. 

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An important view from an Industry Leader on Opportunity Costs and Economics. 

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Triple Aim and Economic Analysis: Opportunity or Opportunity cost? - Jeffrey Hoch

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Canadian retailers poised to raise prices amid slumping loonie

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Tradeoffs and Opportunity Costs

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"The cost of the decision we didn't make"

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"The cost of the decision we didn't make"

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The $100 Billion Opportunity Cost

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Politicians should be counting opportunity costs of the ‘daycare dilemma’

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Opportunity Cost of Owning a Home

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A relatable situation for Opportunity Cost

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A relatable situation for Opportunity Cost

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Hello, in this Padlet I will be discussing Opportunity cost and its role in our lives. The best way to describe Opportunity cost is, that it is a component of business that refers to a situation where a person has multiple options and forgoes the seemingly better option for a different course of action. It essentially represents the benefit, or Opportunity, that was given up to take an alternative route. In this Padlet you will find an in-depth description of Opportunity cost and some of the different situations it comes into play in.