Category: Opportunity Cost

After having gone through the two weekly readings, I have gained a basic level of familiarity with the fundamental concepts and terms introduced in the readings. Based on my understanding, I have selected two topics  one each from the two weeks  wealth generation and opportunity costs, which I think are important concepts in…

The idea of Economics is present everywhere in our society. Through our lives, the things around us directly relate to our economy. Music is one of the many areas that play a large role in our lives. For me, the song Opportunity Cost by G-Eazy is solely about economics and the way that we need…

Every day we are faced with the obstacle of making choices that range from what delicious recipe to make to what career path would be the best for my future. Each choice that we make has an opportunity cost and either takes an economic toll on us or reaps a reward. Our lives are constantly…

Orgon was so taken in by Tartuffe that he put aside his feelings for his family because he wanted to be under Tartuffes tutelage. He believed that Tartuffe was a soulful, humbled man. The family though is unable to see the great influence of Tartuffe and thinks of him as nothing but a con-artist. They…

Opportunity cost is the fee of something while a specific path of action is chosen. Opportunity fee is the fee of the next pleasant alternative foregone. If a person starts a brand new business by giving up his earnings of $30,000 according to month then $30,000 might be the opportunity value of starting a new…

Before taking the macro economics class and completing the four graded discussions I didnt know much about what opportunity cost mean. Now as we headed to the end of the term and studied the topic I have learned a lot and know much more about what opportunity cost mean and how it works. If someone…

Economic is the knowledge of how humans making choices in the face of scarcity. We are living in a world that resources are limited and the need of the people are unlimited, the economists are looking for an easy way to allotted sources by opportunity cost. The concept of opportunity cost most of the time…