Assignment 2: Opportunity Cost by https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd en-us 2020-12-04 19:32:48 UTC 2020-12-05 04:03:32 UTC hello@padlet.com Welcome to my wall hoangquocbaonguyen https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/988980632 Here you will learn about Opportunity Cost through websites, videos, and images. In our everyday life, trading is happening all around us. By studying about opportunity cost, you will get to know how you trade with yourself. Moreover, opportunity cost is not only appears as just an economic term, it shows up every time we make a decision because analyzing the opportunity cost will help maximize profit. ]]> 2020-12-04 19:35:10 UTC https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/988980632 Video 1: What is Opportunity Cost? hoangquocbaonguyen https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/988983287 This video presents to the viewers of what opportunity cost means. By giving out definition and examples, the video suggesting that everything has it own cost by this way or another. For example, if you were waiting in line for a free ice cream, it means that you gave up your opportunity to do something else with your time. Understanding this from the concept of opportunity cost, economists are able to determined how much benefit a person could gain in a trade with others. 
I choose this video because it could help people understanding the concept of Opportunity Cost in a short period of time. ]]> 2020-12-04 19:35:53 UTC https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/988983287 Website 1: Alberta declares beer trade fight with Ontario over access to liquor store hoangquocbaonguyen https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989065974   This article informs that because of iniquity from Ontario liquor store give local brewers access to store over Alberta brewers. In specification, giving Ontario beverages preferential shelf of refrigerated locations, requires Alberta brewers to provide commercially confidential information to their larger competitors to be listed and gives Ontario small brewers a significant discount on listing costs. An owner said that he has faced numerous non-tariff barriers when trying to ship his product to Ontario. Since 2016, Alberta launch a support policy for brewers in the province. So that, the number of brewers has nearly tripled 
  I choose this article as there is a opportunity cost for Alberta. Alberta had to fix their support in the beer policy  in order to meet the agreement, this would lead to a decrease in brewers.]]> 2020-12-04 19:58:20 UTC https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989065974 Video 2: The costs and opportunity of leaving Canada hoangquocbaonguyen https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989096194   The video gives ideas of how young Canadians leave the country to work someplace else would affect the country. First of all,  Canada had spent thousand and thousand of dollars to the community schools and college to train students with skills needed for the environment. Moreover, the fact that young people leaving the country to work in Asia will make Canada suffer a loss of skilled workers. On the other hand, it could also be a win for Canada if the young people comeback to work with experience and network from the international.
I choose this video as nowadays, it is a trend that people from around the world relocate to where they found best for themselves and leave their country behind  ]]> 2020-12-04 20:06:56 UTC https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989096194 Website 2: Pandemic is an opportunity for Canada to reduce economic dependence on China hoangquocbaonguyen https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989257837   The article says that China has shown signs of taking advantages of the COVID-19 chaos to extend its influence globally. It is projecting that China will only get more powerful and assertive against a Western world mired in social and economic mayhem post-pandemic. Both Canada and the world have allowed the pursuit of profit to gradually force dependence on sometimes a hostile market, which is the bedrock of China's power. Since Pierre Trudeau established diplomatic relations with China, bilateral trade has become a torrent . The pandemic lockdown has taught Canada a lesson that prioritizing profit has come at the cost of resiliency. As Canada restarts its economy, the government would be wise to guide companies toward diversified markets. 
I choose this article as it shows the opportunity cost Canada has lost when they depend on China to enrich themselves, which only can be recognized during this pandemic. ]]> 2020-12-04 21:01:12 UTC https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989257837 Website 3: "Forever chemicals" can have far-reaching consequences, need more regulation in Canada, scientists say hoangquocbaonguyen https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989514689   The article talking about PFAS, which stands for per - and polyfluorinated substances are sometimes called "forever chemicals" because they last so long in the environment and are found in everything from non-stick cookware to microwave popcorn bags, firefighting foam and stain-repellent fabrics. Its convenience could some with a price for the environment and people health. "They told me the rates [of PFAS] in my groundwater at that time were 27,000 parts per trillion, and they thought that was an error because it was too high," said Wynn-Stelt. "So they tested again, and it came back at 38,000 parts per trillion. It's tested as high as 88,000 parts per trillion." The list of diseases and conditions with well-established links to PFAS is long, said Birnbaum, who has a PhD in microbiology and was an adjunct professor at the University of North Carolina in Chapel Hill. 
Her catalogue includes:
  • Testicular, kidney, prostate and ovarian cancers.
  • Ulcerative colitis.
  • High cholesterol.
  • Pregnancy-induced hypertension.
  • Thyroid disruption.
  • Hormone changes.
  • Liver obesity.
  • Immunotoxicity.
  • Lower birth weight and size.
  • Delayed puberty.
  • Decreased fertility.
  • Early menopause.
  • Reduced testosterone.
  • Changes in bone density.
  I choose this article because it reflects the hidden opportunity cost that has not been revealed from the revolution in chemical industry. It is not only affecting the animal but also affecting the consumer as well 
]]> 2020-12-04 23:30:44 UTC https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989514689 Website 4: The Opportunity Cost of Being a Student-Athlete hoangquocbaonguyen https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989548249   The article says what it is like to become a college athletics student at an NCAA member university. Athletics is not the only area where student-athletes must excel. Their grades in the classroom must also meet NCAA and individual university requirements, Moreover, there are numerous obstacles that student-athletes deal with everyday.  The stress and anxiety that they deal with when they are not playing can take a large toll on the athletes mentally. Student-athletes sacrifice a lot besides their time in order to make it to the NCAA. Many attend schools that are far from home, making it difficult to spend much time with their families and friends. Depending on the time of the year that makes travelling home nearly impossible.  
Besides living with the sport they love, this article has shows to the readers how hard it is for a student-athlete to making money out of their passion. Opportunity cost exists in every decisions we make is the reason why I choose this article. ]]> 2020-12-05 00:02:21 UTC https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989548249 Video 3: Opportunity Cost - Formula & Analysis hoangquocbaonguyen https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989609270   Opportunity cost can also be defined as the benefit or value you give up by picking one course of action over another. Opportunity Cost = Return on Most Profitable Investment Choice - Return on Investment Chosen to pursue. Opportunity cist analysis is an important tool in making business decisions, including determining a business capital structure, or how a business finances its operations, usually a mix of short and long-term loan, as well as equity. However, since opportunity cost analysis looks at the future, it is important to be very realistic about underlying assumptions. 
I found out that not understanding the concept of opportunity cost is important, but also knowing how to analyze the possibility and calculate it is essential too]]> 2020-12-05 01:10:46 UTC https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989609270 Image 1 hoangquocbaonguyen https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989619018 The image expresses how an opportunity cost would cut off the profit if it is not carefully analyzed. Take application of chemical in daily life as an example. In the past,  scientists introduced to public a dying chemical, later then discovered that the chemical affect the consumer and make them die.  As a result, many of the manufacturer had to close their factory because of the discovery.]]> 2020-12-05 01:22:23 UTC https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989619018 Image 2 hoangquocbaonguyen https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989630964 The image expresses the importance of opportunity cost when taken account for deciding between options. Overall, the two doors are pretty much the same with the same font of writing on the door and also the materials. However, the only difference is the position of the door knock ]]> 2020-12-05 01:36:37 UTC https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989630964 1. What did you learn about your topic that surprised you the most hoangquocbaonguyen https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989686511   When researching about example of opportunity course in many aspect of life. I am quite surprise to think that science and technology is the most challenging to analyze exactly the opportunity cost as the problem could only be discovered in the future technology, not by current science. ]]> 2020-12-05 02:44:44 UTC https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989686511 2. Provide a real-life example of how this topic is relevant or interesting for you? hoangquocbaonguyen https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989686994   A real life example I can think of while searching about opportunity course is choosing a program at college for future career. It is relevant to me as finding a job after school is extremely important, and by consider opportunity cost, helps me choose a better a program to fit my studying ability also making sure that I could get a job afterward]]> 2020-12-05 02:45:21 UTC https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989686994 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? hoangquocbaonguyen https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989687408   In my opinion, the most important thing about Opportunity Cost that other people should be aware of is that everything you do has a cost. Considering that opportunity cost to have wise decisions in your life]]> 2020-12-05 02:45:56 UTC https://padlet.com/hoangquocbaonguyen/cxsf5p4ta1llv8hd/wish/989687408