https://padlet.com/kaylag1998/OpportunityCost Made by: Becca Holt, Kayla Grant, & Jeremy Seegmiller en-us 2020-03-22 21:40:37 UTC 2025-10-22 20:17:49 UTC hello@padlet.com https://padlet.net/icons/png/1f601.png kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/470106208 Hello, today we will be covering the topic of Opportunity Cost and what it means related to economics. ]]> 2020-03-22 21:45:54 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/470106208 kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/470110696 This video explains what opportunity cost means and uses real life examples to better explain it. It shows an example of trade and how much each person is giving up and what they are receiving and it shows who's opportunity cost is higher and why. This is a good video to help better understand the definition of opportunity cost for people who do not know. 
I chose this video to use to explain opportunity cost because it uses a good economic example. I chose this video over other videos because it is short and to the point, but still gives clear information for people who are learning to understand.]]> 2020-03-22 21:51:55 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/470110696 kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/501167874 This video explains what opportunity cost means to economists. It tells us about examples how it is often the "the road not traveled" meaning the "risk you might take on a certain opportunity in which others maybe would not have done. I chose this video to help people further understand opportunity cost in a realistic way of thinking. The guy in this video makes it enjoyable to watch because he isn't boring you with facts on facts its short and sweet and to the point with legitimate examples that relates to real life.]]> 2020-04-09 19:19:35 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/501167874 kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/501289102 This video explains real life examples of opportunity cost and explains that every time you make a decision. "Every choice you make has a value to you" this video shows you the value in the decisions you make as well as the cost you might have to pay for the opportunity. The video gives you useful information in regards to your greatest benefit but your lowest cost. I chose this video because I felt I could compare to it on a personal level because it gives an example about just finishing college and entering the work force and you have a lot of options to think about, I think this video was very informative in a sense it was relate able to this class as some people are moving on into the work field.]]> 2020-04-09 21:07:23 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/501289102 kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/502105297 This article explains the economic discount  rate  used to calculate the net present value of an investment into a project, a program, or a government intervention is worth while to under take. In Canada there is debate on the economic discount, which can range 7.78% to 8.39%. The debate is whether the empirical measurement of the opportunity cost funds.  The article states that 8% is the appropriate discount rate for Canada. This is very informative as it explains how the government has to deal with opportunity cost of their actions.]]> 2020-04-10 14:43:16 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/502105297 kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/502138206 This page explains the opportunity cost that students are faced with when dropping non-mandatory STEM courses. The page explains how with the ever changing world that STEM courses will increasingly become more valuable over time. Overall I believe this is a relevant topic explaining how Opportunity Cost is something people have to take into account when making any decision minor or life changing. The decisions made by the students will not only impact their future careers but also could impact the economy as people will have less qualifications when STEM classes become crucial in the future economy.]]> 2020-04-10 15:07:13 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/502138206 kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/502469574 This is an extreme example of Opportunity Cost. A lot of people in BC have suffered thru a lot as many people who struggle financially and have to decide between what is most important. An example given says that some people have to decide between winter boots or a winter coat, some other people have to decide between hydro or food. This has sparked debate on whether the government is really thinking about the Opportunity Cost. There are a lot of funding issues where schools have been neglected but somehow the government found money to fund $514 million for the BC Place Stadium. This example shows some of the problems when the government does not evaluate the Opportunity cost and how the government must evaluate how they are spending their money.]]> 2020-04-10 20:20:00 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/502469574 kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/502480402 On this website people can learn about what Opportunity cost is and it gives examples on the topic. I believe it is important for people to know, as some people might believe that opportunity cost goes one way, to save money, but it also mean people spend more money. The article states that people's free time could out way trying to find a better deal. For example if a person values their free time more than money, he would be willing to pay more to save time. He would be inclined pay more for a direct flight instead of saving money by having hours worth of layovers. Overall the article is very informative and a lot of people don't understand that you're free time should be in considerations when weighing the opportunity cost.]]> 2020-04-10 20:34:32 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/502480402 kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/508998854 This video is about a 5 minute video that goes over how to calculate opportunity cost with a real demonstration. The example used in this video is of two people producing radios or producing tv's. It shows that the opportunity cost of producing 4 radios is 6 tv's. This means that if he were to put all of his resources into making radios he would make 4 but he wouldn't be making any tv's. The video then goes over how to get the opportunity cost of only producing 1 radio. She translates the table into a ratio by dividing each number by one to show the opportunity cost for producing 1 radio. I chose this video because unlike the other videos it gives a good idea of how to actually calculate the opportunity cost of specific situations.

]]> 2020-04-15 17:04:17 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/508998854 kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/509020404 1. What we learned about our topic that surprised us the most was how much opportunity cost can actually relate to us in the real world. When making any decision opportunity cost can always be used. Another thing that we learned from this was how important it is to think when making a decision because every choice you make has a value to you.

2. A real life example of how this topic could be useful is for studying. When deciding whether you want to study for your test tomorrow or go out with your friends you can determine the opportunity cost of each. If you decide to stay in and study for your test the opportunity cost is going out with your friends because that is what you are giving up to study. 

3. The most important thing to pass on to a family member or a friend is to think of real life examples of opportunity cost and how every choice you make has a value to you. It is a useful tip to make decisions in the real world.]]> 2020-04-15 17:13:55 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/509020404 kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/509368542 This image represents opportunity cost because its weighted between two different choice and two different outcomes. One outcome might weigh more than the other with positives but the side might interest you more.]]> 2020-04-15 20:18:01 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/509368542 kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/509374874 2020-04-15 20:22:03 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/509374874 kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/509390223 This image represents the chances you take when thinking about opportunity cost. You often have to think of the road that may not be traveled. You may have to take a huge leap on the opportunity and it may have more risk than the other road but it may interest you more.]]> 2020-04-15 20:32:35 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/509390223 kaylag1998 https://padlet.com/kaylag1998/OpportunityCost/wish/509411420 2020-04-15 20:47:06 UTC https://padlet.com/kaylag1998/OpportunityCost/wish/509411420