https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r By Joshua Malbon en-us 2023-04-03 01:01:00 UTC 2023-04-05 00:44:02 UTC hello@padlet.com https://padlet.net/icons/png/2696.png joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2541520321 Hello Everyone, this is my Padlet where I discuss the topic of Opportunity Cost, Marginal Thinking and Incentives and how it relates to different aspects of everyone's life. ]]> 2023-04-03 01:23:20 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2541520321 joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2542255481 There is a cost to every action we decide to take. This video illustrates some very relatable real world examples of the different choices a person makes and what may be the forgone opportunities of the associated outcomes. It also goes over why some people may give up more money as an opportunity cost, stating that a lot of the time it isn't the main driving factor in many peoples choices. The "psychic profit" could also be the most appealing choice, in which some one chooses personal happiness, others recognition, etc. The "cost" of an action isn't always measured in monetary value, but a more meaningful/personal feeling. ]]> 2023-04-03 13:49:24 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2542255481 joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2542360643 Thinking about the next steps and what it can do for you instead of the past is marginalized thinking. If you take better care of your garden for an extra hour, you'll get 12 more tomatoes, which is the marginal product of labour (1 hour). You can also get the marginal cost by dividing the amount of tomatoes by an hour in minutes (12/60=5). The marginal cost of gaining 1 tomato is 5 minutes. This sort of thinking is looking at the long term result rather than the short term. What do you have to do/sacrifice in order to sell/produce one more product. ]]> 2023-04-03 14:54:16 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2542360643 joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2542396179 This shows the the risk and reward when weighing an opportunity. It is up to the person to decide what to be the best option in their current situation. Most of the time, the more risk will mean the greater reward, but not all the time which may make the decision process easier.]]> 2023-04-03 15:20:43 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2542396179 joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543605415 We continuously make decisions that weigh out the opportunity costs, this is intensified by being a collegiate athlete. Each play run has an opportunity cost of not executing others, which can be the deciding factor of wining or losing. Outside of actually playing the sport, student athletes have to make other important decisions that have big opportunity costs. An example would be having to choose to be a poorly paid minor-league athlete, or staying in college with no income but access to college education. I like this article because it brings the perspective of an athlete and how he had to deal with opportunity costs all the time. This shows that opportunity costs relate to all of our lives in some way. ]]> 2023-04-04 12:34:07 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543605415 joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543625509 Every decision a business makes, it is losing opportunities somewhere else (opportunity cost). Weighing out the opportunity costs of different options is an important part of the decision making process. Opportunity cost is calculated  from subtracting the return on option not chosen by the return on option chosen. The return may not only be calculated as a dollar amount that directly affect cash flow and profitability (Explicit costs), but as energy and time which don't have a fixed monetary value that a company can track (Implicit costs). There are also two profits as well, which can be defined as subtracting total explicit costs from total business revenue (Accounting profits), and total revenue subtracted by explicit & implicit costs (Economic profit).]]> 2023-04-04 12:52:16 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543625509 joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543644667 This video explains the incentive theory in an understandable manner. People preform a behaviour due to a positive meaning associated with it. One example they use is a football team trying hard in practice(behaviour) because they want to win the Superbowl(positive). The "positive meaning" must be attainable to maintain a level of motivation to do the behaviour. Positive reinforcement is whats needed to consistently do this behaviour for the long-term. I chose this video because it compares different examples of how incentives can influence someone and how they all relate in a simple graphic. This is a great foundational video for students to relate to when learning more complex topics. ]]> 2023-04-04 13:06:26 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543644667 joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543655566 Are diamonds more valuable than water? or is it the other way around? In this video it explains why we value somethings in society over others. Water has many benefits to the world and us humans, and without it, we cannot survive. Now comparing water to diamonds, diamonds are basically useless in the grand scheme of things. The reason why diamonds are much more expensive than water is that it is less abundant. This scarcity creates value, but it is very situational oriented. If you were in a desert on the brink of dehydration, you would value water over diamonds. This is a simple. I really liked the simple analogy it uses to convey this topic. ]]> 2023-04-04 13:15:29 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543655566 joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543665467 The marginal cost and benefit from the consumption of the next good/service. ]]> 2023-04-04 13:23:18 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543665467 joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543666532 The slightest change in a products price can be caused by a variety of things you wouldn't imagine, and how those changes can affect our decision making. ]]> 2023-04-04 13:24:08 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543666532 joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543667024 Picking which program should I enrol into and whether I should go to college or not. I chose a program that is really fulfilling to my interests, but the opportunity cost of another program that may pay better in the future. I could have also worked the two years since I started college and gained a lot of money, but I instead gained a lot of connections in my chosen field and grew a lot as a person.]]> 2023-04-04 13:24:29 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543667024 joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543667339 I would say that there are a lot of things to think of when deciding on a decision. Sacrifices are unavoidable and you must pick a choice where you would have the least amount of regret. ]]> 2023-04-04 13:24:44 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543667339 joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543687825 In a simple scenario, this video explains what you have to give up(opportunity cost) in order to get what you want relative to different scenarios. This also explains the marginal costs which is the cost to produce "one" more unit (opportunity your giving up). 

I chose this video due to the simplicity of how they explain this concept. Khan also has a graph on the right-hand side of video showing the scenario situations and how they relate to each other (the Production Possibility Frontier).


]]> 2023-04-04 13:40:36 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543687825 joshmalbon19 https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543731322 Incentives and disincentives can be various rewards or punishments with doing a behaviour. They can induce behavioural changes, but truly depends on the persons choice at the end. A very common incentive is the price of a good or service. A rising price will deter some buyers while a falling price will attract more buyers. Slightest changes in price can change a persons choice. I like this article because of it's analogies. For example, incentives can be compared to holding a carrot in front of a donkeys face to make them move forward, and the disincentive of this would be hitting the donkeys rump to make them stop in place. ]]> 2023-04-04 14:11:18 UTC https://padlet.com/joshmalbon19/9icpukz1z4j5xi9r/wish/2543731322