Assignment #2 by https://padlet.com/vanquyet_le/dusl7351zw8d Opportunity cost! en-us 2019-04-07 00:44:04 UTC 2025-10-27 14:21:57 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Lightdecrease.png 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. vanquyet_le https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350132360 2019-04-09 20:40:04 UTC https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350132360 Video #2 vanquyet_le https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350151558 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.]]> 2019-04-09 22:12:32 UTC https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350151558 Video #3 vanquyet_le https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350154746 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.]]> 2019-04-09 22:33:36 UTC https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350154746 Website #1 vanquyet_le https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350160536 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.]]> 2019-04-09 23:12:57 UTC https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350160536 Video #1 vanquyet_le https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350174002 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). 


]]> 2019-04-10 00:26:59 UTC https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350174002 Website #2 vanquyet_le https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350182052 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.

]]> 2019-04-10 01:02:54 UTC https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350182052 website #3 vanquyet_le https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350182073 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.

]]> 2019-04-10 01:03:03 UTC https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350182073 Website #4 vanquyet_le https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350182102 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.

]]> 2019-04-10 01:03:12 UTC https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350182102 Video #4 vanquyet_le https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350182130 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 .]]> 2019-04-10 01:03:22 UTC https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350182130 Image #1 vanquyet_le https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350199628 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.]]> 2019-04-10 02:31:38 UTC https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350199628 Image #2 vanquyet_le https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350200813 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.]]> 2019-04-10 02:37:57 UTC https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350200813 Reflective Questions vanquyet_le https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350201070 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, 
]]> 2019-04-10 02:39:36 UTC https://padlet.com/vanquyet_le/dusl7351zw8d/wish/350201070