OPPORTUNITY COSTS!

Opportunity costs is the process in which you have to give up one thing to gain another. When economists talkn about opportunity costs they are talking about giving up something to something we desire more. The example provided in the "opportunity cost" is about college. If you have a job, your giving up a lot of other things in order to keep that job. For example, you could be that you could sleep in. If it is a nice day you could take my dog to the park and play all day. Or, you could even spend the day looking for a better job right?


In my life, i have been in these types of situations too. At every turn, there is a decision to make. For example, just today I had to choose between hanging out with my friends or going to pre-cal tutoring afterschool. If i went to pre-cal, I would have a better chance at understanding what's going on in class and possibly get a higher grade on the test. On the other hand, I could go outside and have fun with my friends. Ofcourse I chose to hang out with my friends. For me, that holds more importance.