I think most people have had to worry about opportunity cost lately. I don't think anyone in my family really goes anywhere to get something if we might have it in the house somewhere stored away. Time is precious (so, apparently anymore, is gas) and we make opportunity cost descisions that do not have us wasting a lot of time at a store.
I agree with Stephanie about the price of gas forcing us all to carefully consider opportunity costs. I find that my family tries to go out less often and get more out of a single trip to the store to save gas, time, and energy. Personally, I have found that with the increased workload this year my time is becoming more and more scarce. I find myself carefully evaluating the time I have and trying to get the most out of it. Choices that used to be simple are now affected by more variables, making decisions harder.
I also agree with the last two comments. I don't drive nearly as much as I would if gas prices were low...and I had more time. This is due to IB, and the fact that my car only gets about 20 mpg, if I'm lucky. Also, I have to work eight hours to pay for a tank of gas, so the more I drive, the more I work, the less time I have for everything else. So for the meantime, I'm stuck in my house...until gas prices might go down...hopefully. But lack of time and gas prices definitely make us think of opportunity costs more...
Opportunity cost is basically what someone is giving up in order to do something else. Last year, although I didn't realize it as opportunity cost at the time, I had a situation where opportunity cost truly applied to my decision making. I've played competitive hockey since I was 8, but going into my Junior year I made the decision to not play the club season. I gave up my favorite sport so I could focus on my academics. I also tried Student Council and high school basketball, which was less of a time commitment than hockey. As a result of giving up hockey for the year, I saved over 4 hours of driving time (not to mention the gas) and had at least 4 more hours a week to work on my academics.
When swimteam starts, i will have to make a big adjustment in my life. The opportunity cost in this situation is that i will probably have to give up my job so that i'll have time for school work. I give up the opportunity to make money so that i gain the opportunity to do something i enjoy. From that perspecitve i'd say my utility stays balanced, just in different ways.
oppurtunity cost has affected my life a lot-especially last year. Last spring I was in lacrosse, in the the play, and studying for finals. I had to give up a lot of my lacrosse practices to go to play rehearsals which in turn didnt get me much playing time. I think the more busy one is, the more oppurtunity costs arise
This year I am taking 6 AP classes and working, needless to say I have a bunch of homework all the time. My opportunity cost decision arises on the weekends. Instead of sleeping in I wake up at 6am or earlier in order to walk my dog and get homework done before going to work for eight hours.
To get to most of my cross country practices, I have to drive into Boulder or Longmont. By the time practice is over, all I have time for is eating dinner, homework and sleeping. As a sacrifice to this ritual, I can't hang out with friends as often, or play jazz. By analyzing the oppertunity costs, I'm glad that by sacrificing 2 things, my academics are strong, I have sufficient sleep, and cross country is going really well.
I am ALWAYS giving something up to do something else. As the new school year begins, I am busy with cross country, piano, volunteering, and a lot of school work for IB. To have good grades, I give up a lot of the time that could be spent hanging out with friends to study. In the long run, I trust that knowledge will pay off rather than some good memories.
This summer I decided to get a job so that I could help pay for college. I had to give up having fun with friends and hanging out with them all the time because I had to work. I sacrificed that so that I can go to college, which is deffinitely worth the effort!
With opportunity cost, I decided to see what really mattered to me and what I valued most. For instance, since I am in my first semester of my senior year, I decided that continuing my job would entail a higher opportunity cost than quitting it. By quitting now, I was forgoing the opportunity to train as a server and make more money and eventually buy more things (down payment on a car, videogames, Starbucks). However, I am getting back something more important; time. With more time, I’ll be able to learn new things, do my college applications and essays on time, and hang out with friends more. I’ll also be able to relax and decide if I want a new job or not, which the high stress level of my old one prevented me from doing. Plus, having less money potentially available to me means that I’ll learn to save more. So, by having less money, I have more of everything else!
Every decision is an opportunity cost decision. Before making a decision, a rational person will consider alternative decisions and determine which one will yield a greater benefit. The decision not taken is the opportunity cost. There is no decision with more than one possible action that isn't an opportunity cost decision.
Earlier this year I chose to do IB. I knew that the opportunity cost of IB was that I would have a lot less free time. But I chose to do it because I'll be better prepared for college and I might get a year's worth of college credit for graduating IB. For me, that's a big benefit.
Sacrificing one thing in order to have more of something else is opportunity cost. The value of what was forgone is the cost of what you get. One example of where I had to evaluate oppurtunity costs occured last Thursday. I had a tennis match on Thursday that would have taken five hours. There was also a Az Cardinals game against the Broncos. Given that the Cardinals hardly ever come to Denver, I decided it was a rare opportunity to go see them play. The opportunity cost of deciding to go to the game was that I was not able to play in a tennis match that I would have also enjoyed.
I'm taking 5 AP classes, have a job which I work 15-20 hours a week, and am one of the two cheerleading captains at Niwot. Keeping up with all of this is really hard, and I had to give up basically all my free time. I decided to not take any "fun" or "easy" classes this year and opt for time releases in the morning, which are now used to do whatever homework I didn't have time to finish the night before. By sacrificing an extra hour of sleep and getting up at 6:30 rather than 7:30 (on mornings I have things to do), I still get enough sleep and don't get in trouble for not finishing my homework.
This last winter, I made a decision to play basketball. The opportunity cost for me was that I could rarely ever practice baseball. Altough I was having a great time playing ball and becoming friends with the guys on the team, my opportunity cost was also high for me. I could have been throwing and hitting everday, preparing for the upcoming baseball season; doing those two things greatly prepares one for the season. This decision allowed me to have fun.
Oppurtunity cost has greatly affected me in terms of my schedule. At such a small school as Niwot, it is impossible to have every single class at every single block offered, there just isn't enough kids. My sophmore year there was only one Honors History class offered. Being the smart class we are, everyone wanted to be in it. Because of my schedule and all my other honors classes and my prior committments to advanced drama (the same block as honors history) I had to give up being in honors history so that generally I could be in more honors classes as a whole. Disappointed at first, it turned out to be one of the classes I've learned the most in. The teacher used costumes, props, skits, and visuals to explain history. I didn't just learn things for tests, I actaully remembered them!
an opportunity cost is what you have to give up in order to gain something more beneficial to you. For me, an employee at Qdoba i have to evaluate opportunity costs each week as I put in a schedule request. I can either request to have a full work schedule leaving me with little time to do homework and rest or a very selective schedule that allows for both rest and homework. I forgo the opportunity to make about fifty more dollars each week when i shcedule time off to focus on acidemics because i feel that if i invest my time in school later in life i will be much better off. and this investment is much more valuable to me than the extra spending money that i pass up each week.
I, as everyone else in this class, have made opportunity cost decisions every day. As one example, I made an opportunity cost decision this weekend regarding going out of town or not. I could have stayed at home and allowed plenty of time to rest, relax, and do homework over the long weekend as well as not miss soccer practice. On the other hand, I could go to Minnesota and visit family as well as look at the University of Minnesota. I chose to go to Minnesota at the opportunity cost of relaxing for a long weekend, having plenty of time to do homework, and getting the chance to start in my next soccer match.
Everyday people have to consider the opportunity cost of tasks that they have to do when they carry out their priorities. Last year, I had the choice of playing club volleyball which would guarantee me to improve in volleyball for the upcoming year, or not play and focus on school. Because I have the tendency to let my grades drop during my sports seasons, I decided that it would be more profitable to me to concentrate and excel in school. Although I didn't play club, I was able to do better in school and volunteer, which I think will look better for colleges.
I, personally, make a lot of decisions each day, each relating to school, volunteering, and free time. But one major decision I made was to forgo getting my permit as soon as I turned 15. The opportunity cost is pretty important, I’m less mobile and I have to depend on someone else for rides. Even though the opportunity cost was large, I ended up benefiting. I don’t have to pay car insurance yet, as most of my friends do, so that allows me more time to find a job to pay for insurance and a car.
As Mr. Benson has said, nothing is free, therefore everything comes with an opportunity cost. Many people have used the example of the amound of driving they do in relation to the cost of gas. Another opportunity cost in my life is making dinner or waiting for my mom to make dinner. My mom is often busy and dinner has to wait for an hour later or so. But because I am so hungry I might forgo my time to satisfy my hunger.
I had to make a decision not to take AP Spanish this year. Based on my opportunity cost i decided that it would not be worth it to take the class. The opportunity cost was my time and the money that it costs to take the AP test
This upcoming season I have been given the opportunity to play for a highly competitive Ice Hockey team. With the team I will participate in 7-8 tournaments, many of them being out of the state. These trips promise to be fun and great opportunities to be scouted. However, not without cost. The opportunity cost is that i will be forced to miss school often. I will be need to work extra hard to maintain school work in order achieve success academically and on the ice.
This month I made the decision to not work at all, by alleviating my responsibilities I will be able to gain more time that allows me study for my 6 IB classes, work on cheerleading related things or hang out with my friends. Unfortunatly, I won't be making any money but I have some left over from working all summer. I am giving up the opportunity to make money in order to do things I enjoy and have previously committed to.
I live near a lot of stores and the mall and stuff so if I want to go somewhere (and have some time) I walk or bike in order to save gas. The opportunity cost of walking or biking is my time, which I can spare sometimes. But, if I don't have a lot of time, I drive with the opportunity cost being the gas that I used, but I didn't use as much time.
This summer I had the great opportunity to spend my whole summer relaxing in California, but I also needed to work on my Extended Essay, which is worth 15% of my TOK grade. I knew that if I went to California, I would not be able to get done with my extended essay, which is why I knew I had to sacrifice my trip to California. By sacrificing my trip to California, I was able to increase my chances of finishing my biology experiment for my extended essay, which I did finish.
Whith a very busy schedual and lots of homework, I have had to put aside my hobbies. School is a priority above many other things. During the school year, I rarely paint or draw because I made an opportunity cost decision to focus on school work instead.
I had to make an opportunity cost with deciding what to do after school before baseball. I could either go home and be there for about 45 minutes and not get much done or I could stay at the school and work on home work before practice. I decided that the cost would be less if a stayed at school. I used less gas, got done more homework, and as a result I had more time after practice to do what I wanted to do.
Last week I was broke because my job sucks and my boss is a cheap skate. I had promised a girl I would take her to dinner but unless I borrowed money from someone (the act itself being rather demeaning) I would look like a cheapskate. Instead I made her dinner, saving myself time and money (and making it look like I can cook). I lost some energy by having to make dinner myself.
Between school and sports 'free time' is a foreign word. The fact is most high schoolers have more activities than they know what to do with. Sometimes it is necessary to calm things down and focus on what is really important in life. Instead of spending my weekend hanging out with friends and going non-stop I chose to spend my time doing homework and catching up on sleep. I felt much more prepared for a new week of over commitment.
This year I decided to take on a fuller schedule so that next year my schedule will be less packed with school work(hopefully)and I can have more time next year to possibly have a time release.
Opportunity cost is the sacrificing or forgoing of one thing to have more of something else. During the summer I worked a lot, not only my scheduled shifts but a lot of my co-workers dropped shifts. Now that I have started school I am unable to work as much and have only scheduled on Friday night or Saturday morning shifts. By doing so I have more time during the week to finish my school work and projects and do whatever else it is I might want to do. But by not scheduling for as many shifts I am not able to make as much money as I was during the summer. So by giving up or sacrificing work hours (money), I have more time to do what I want and finish my school work and projects.
Opportunity cost is the sacrificing or forgoing of one thing to have more of something else. During the summer I worked a lot, not only my scheduled shifts but a lot of my co-workers dropped shifts. Now that I have started school I am unable to work as much and have only scheduled on Friday night or Saturday morning shifts. By doing so I have more time during the week to finish my school work and projects and do whatever else it is I might want to do. But by not scheduling for as many shifts I am not able to make as much money as I was during the summer. So by giving up or sacrificing work hours (money), I have more time to do what I want and finish my school work and projects.
There are many examples of giving up something to get something else. For me I was considering putting some after market parts in my Subaru. However with increased performance I'd be loosing gas milage and my reliability may go down as a result of pushing the car harder than it was intended to be pushed. So as of now I'm not going to be messing with my car, but loosing gas mileage to gain performance would be a real life example of opportunity cost.
Unfortunately for me, I can hardly do a single thing in my life without the sacrifice of another thing. It's either spending sacred time with family or going out with friends. It's either working at my job or finishing my homework. It's either hanging at a park for free or spending some cash to go to a moive. I've suddenly had to give up working out, reading, and tv to get done what needs to get done everyday. And with less time to work than I had this summer, I suddenly have less money, making everything harder. Finding something unique and CHEAP to do with friends is sometimes impossible and I've had to give up extra study time to make some extra cash.
Opportunity cost has played a major role in my high school career as a way to decide what i value in my extra-curricular activities. The most recent example has been the choice not to enroll in dance classes for my senior year. Instead, I chose to use these extra 10 hours a week to study and keep on top of my IB curriculum, as well as have more hours available for my job. While this has been a rough decision, and the opportunity cost is the loss of an activity that has played a major role in my life, it is outweighed by the benefits academically and socially of having a newfound abundance of time.
Last weekend, I went to Sniagrab to buy a new pair of ski boots and other equipment. I realized that if I was going to purchase these things, I would have to give up my allowance for the next couple of months and be in debt with my parents. This would mean no money to see movies, or the occasional smoothie or other more minor expenses. I eventually decided that I would increase my utility by splurging and buying the equipment for the coming witnter. Equipment that costs more will last longer, so I decided to be in debt over my head than have boots that just don't cut it. :)
This summer I had to make the decision between doing softball or doing the musical. I did the both last year but this year since the musical got moved to after school I could only choose one. Most of my friends were doing the musical and I had a lot of fun with it last year but I chose to do softball. The opportunity cost was me giving up something that was with my friends for something that I have been playing since I was little.
Just the other day i had a situation of either starting a paper for school or go to work and earn a little more money, My opportunity cost decision was to either work and get more money or to get a good start on the paper. I decided to do the school paper instead of work. So i was giving up the opportunity to get a bit of money to do the school paper.
Tomorrow night is an example of an opportunity cost. It is the Niwot vs. Longmont game, but since i decided to take the opportunity in running my cross country race on Saturday, I will have to give up most of the Longmont game to sleep, thus my opportuinty cost.
Opportunity Cost is when someone gives up something for the next best alternative. Last week on Thursday, we had a football game. On Friday, I had to turn in a bunch of homework. Because my tennis match didn't finish until 6:45, I had no time between the match and the football game to get homework done. So instead of going to the whole football game and staying up till 2 in the morning to get my homework done, I left the game early to complete my homework and still get a reasonable amount of sleep.
Opportunity costs seems to be basically the price of anything. One might give take on a new activity but then they would have to give up some more time. In my life, I have to think about giving up my time a lot when I drive somewhere since no matter where I go, it takes awhile from my house. Of course, the gas is the same issue with the driving too.
Oppertunity cost is the what you lose when chossing between two decisions. I think almost evryone uses this every day because we have to make decisions on a regular basis. I use it especially when deciding how to spend my weekends, when I choose between studying more or going out.
Opportunity cost is what you must give up in order to get what you want. My opportunity cost of taking AP Economics is more, harder work, and possibly a lower grade. But the opportunity cost does not exceed the benefit of greater knowledge and a better class on my college resume.
An opportunity cost that just recently forced it's away into my life has to do with the musical. As unbelievable excited as I am to be in this great show, I am giving up quite a bit of time, energy, control and peace in my life. the cost is that the stress and effort that is required to be in such a show is massive, and I am giving up oportunities to work and get ready for colleges. But, I decided that the cost of the regret I would feel by not participating, and the benefit of being a part of such a great show, cause me to choose to participate.
I think that i make an opportunity cost decision every time that I decide to do homework instead of hanging out with friends. The time i could spend relaxing is the next best thing to working to achieve academic goals.
An example of an opportunity cost decision that I have made in my life is the decision of playing sports. By playing sports I gain pleasure from competing, I get to be around my friends, and I learn life skills. However, by playing sports, I lose a lot of time that I would have otherwise. In turn, I have to have additional focus on time management to balance school, sports and leisure time.
Recently I had to make a major opportunity cost decision; I have had a lot going on in my life with school, sports, SAT classes, a job, and homecoming stuff. SInce I was overwhelmed I knew I had to eliminiate something and that something was going to be my job. I had to give up extra spending money, which eventually ment not much driving around or eating out so that I could enjoy other, more important things in my life.
53 comments:
I think most people have had to worry about opportunity cost lately. I don't think anyone in my family really goes anywhere to get something if we might have it in the house somewhere stored away. Time is precious (so, apparently anymore, is gas) and we make opportunity cost descisions that do not have us wasting a lot of time at a store.
I agree with Stephanie about the price of gas forcing us all to carefully consider opportunity costs. I find that my family tries to go out less often and get more out of a single trip to the store to save gas, time, and energy. Personally, I have found that with the increased workload this year my time is becoming more and more scarce. I find myself carefully evaluating the time I have and trying to get the most out of it. Choices that used to be simple are now affected by more variables, making decisions harder.
I also agree with the last two comments. I don't drive nearly as much as I would if gas prices were low...and I had more time. This is due to IB, and the fact that my car only gets about 20 mpg, if I'm lucky. Also, I have to work eight hours to pay for a tank of gas, so the more I drive, the more I work, the less time I have for everything else. So for the meantime, I'm stuck in my house...until gas prices might go down...hopefully. But lack of time and gas prices definitely make us think of opportunity costs more...
Opportunity cost is basically what someone is giving up in order to do something else. Last year, although I didn't realize it as opportunity cost at the time, I had a situation where opportunity cost truly applied to my decision making. I've played competitive hockey since I was 8, but going into my Junior year I made the decision to not play the club season. I gave up my favorite sport so I could focus on my academics. I also tried Student Council and high school basketball, which was less of a time commitment than hockey. As a result of giving up hockey for the year, I saved over 4 hours of driving time (not to mention the gas) and had at least 4 more hours a week to work on my academics.
When swimteam starts, i will have to make a big adjustment in my life. The opportunity cost in this situation is that i will probably have to give up my job so that i'll have time for school work. I give up the opportunity to make money so that i gain the opportunity to do something i enjoy. From that perspecitve i'd say my utility stays balanced, just in different ways.
oppurtunity cost has affected my life a lot-especially last year. Last spring I was in lacrosse, in the the play, and studying for finals. I had to give up a lot of my lacrosse practices to go to play rehearsals which in turn didnt get me much playing time. I think the more busy one is, the more oppurtunity costs arise
This year I am taking 6 AP classes and working, needless to say I have a bunch of homework all the time. My opportunity cost decision arises on the weekends. Instead of sleeping in I wake up at 6am or earlier in order to walk my dog and get homework done before going to work for eight hours.
To get to most of my cross country practices, I have to drive into Boulder or Longmont. By the time practice is over, all I have time for is eating dinner, homework and sleeping. As a sacrifice to this ritual, I can't hang out with friends as often, or play jazz. By analyzing the oppertunity costs, I'm glad that by sacrificing 2 things, my academics are strong, I have sufficient sleep, and cross country is going really well.
I am ALWAYS giving something up to do something else. As the new school year begins, I am busy with cross country, piano, volunteering, and a lot of school work for IB. To have good grades, I give up a lot of the time that could be spent hanging out with friends to study. In the long run, I trust that knowledge will pay off rather than some good memories.
This summer I decided to get a job so that I could help pay for college. I had to give up having fun with friends and hanging out with them all the time because I had to work. I sacrificed that so that I can go to college, which is deffinitely worth the effort!
With opportunity cost, I decided to see what really mattered to me and what I valued most. For instance, since I am in my first semester of my senior year, I decided that continuing my job would entail a higher opportunity cost than quitting it. By quitting now, I was forgoing the opportunity to train as a server and make more money and eventually buy more things (down payment on a car, videogames, Starbucks). However, I am getting back something more important; time. With more time, I’ll be able to learn new things, do my college applications and essays on time, and hang out with friends more. I’ll also be able to relax and decide if I want a new job or not, which the high stress level of my old one prevented me from doing. Plus, having less money potentially available to me means that I’ll learn to save more. So, by having less money, I have more of everything else!
Every decision is an opportunity cost decision. Before making a decision, a rational person will consider alternative decisions and determine which one will yield a greater benefit. The decision not taken is the opportunity cost. There is no decision with more than one possible action that isn't an opportunity cost decision.
Earlier this year I chose to do IB. I knew that the opportunity cost of IB was that I would have a lot less free time. But I chose to do it because I'll be better prepared for college and I might get a year's worth of college credit for graduating IB. For me, that's a big benefit.
Sacrificing one thing in order to have more of something else is opportunity cost. The value of what was forgone is the cost of what you get. One example of where I had to evaluate oppurtunity costs occured last Thursday. I had a tennis match on Thursday that would have taken five hours. There was also a Az Cardinals game against the Broncos. Given that the Cardinals hardly ever come to Denver, I decided it was a rare opportunity to go see them play. The opportunity cost of deciding to go to the game was that I was not able to play in a tennis match that I would have also enjoyed.
I'm taking 5 AP classes, have a job which I work 15-20 hours a week, and am one of the two cheerleading captains at Niwot. Keeping up with all of this is really hard, and I had to give up basically all my free time. I decided to not take any "fun" or "easy" classes this year and opt for time releases in the morning, which are now used to do whatever homework I didn't have time to finish the night before. By sacrificing an extra hour of sleep and getting up at 6:30 rather than 7:30 (on mornings I have things to do), I still get enough sleep and don't get in trouble for not finishing my homework.
This last winter, I made a decision to play basketball. The opportunity cost for me was that I could rarely ever practice baseball. Altough I was having a great time playing ball and becoming friends with the guys on the team, my opportunity cost was also high for me. I could have been throwing and hitting everday, preparing for the upcoming baseball season; doing those two things greatly prepares one for the season. This decision allowed me to have fun.
Oppurtunity cost has greatly affected me in terms of my schedule. At such a small school as Niwot, it is impossible to have every single class at every single block offered, there just isn't enough kids. My sophmore year there was only one Honors History class offered. Being the smart class we are, everyone wanted to be in it. Because of my schedule and all my other honors classes and my prior committments to advanced drama (the same block as honors history) I had to give up being in honors history so that generally I could be in more honors classes as a whole. Disappointed at first, it turned out to be one of the classes I've learned the most in. The teacher used costumes, props, skits, and visuals to explain history. I didn't just learn things for tests, I actaully remembered them!
an opportunity cost is what you have to give up in order to gain something more beneficial to you. For me, an employee at Qdoba i have to evaluate opportunity costs each week as I put in a schedule request. I can either request to have a full work schedule leaving me with little time to do homework and rest or a very selective schedule that allows for both rest and homework. I forgo the opportunity to make about fifty more dollars each week when i shcedule time off to focus on acidemics because i feel that if i invest my time in school later in life i will be much better off. and this investment is much more valuable to me than the extra spending money that i pass up each week.
I, as everyone else in this class, have made opportunity cost decisions every day. As one example, I made an opportunity cost decision this weekend regarding going out of town or not. I could have stayed at home and allowed plenty of time to rest, relax, and do homework over the long weekend as well as not miss soccer practice. On the other hand, I could go to Minnesota and visit family as well as look at the University of Minnesota. I chose to go to Minnesota at the opportunity cost of relaxing for a long weekend, having plenty of time to do homework, and getting the chance to start in my next soccer match.
Everyday people have to consider the opportunity cost of tasks that they have to do when they carry out their priorities. Last year, I had the choice of playing club volleyball which would guarantee me to improve in volleyball for the upcoming year, or not play and focus on school. Because I have the tendency to let my grades drop during my sports seasons, I decided that it would be more profitable to me to concentrate and excel in school. Although I didn't play club, I was able to do better in school and volunteer, which I think will look better for colleges.
I, personally, make a lot of decisions each day, each relating to school, volunteering, and free time. But one major decision I made was to forgo getting my permit as soon as I turned 15. The opportunity cost is pretty important, I’m less mobile and I have to depend on someone else for rides. Even though the opportunity cost was large, I ended up benefiting. I don’t have to pay car insurance yet, as most of my friends do, so that allows me more time to find a job to pay for insurance and a car.
As Mr. Benson has said, nothing is free, therefore everything comes with an opportunity cost. Many people have used the example of the amound of driving they do in relation to the cost of gas. Another opportunity cost in my life is making dinner or waiting for my mom to make dinner. My mom is often busy and dinner has to wait for an hour later or so. But because I am so hungry I might forgo my time to satisfy my hunger.
I had to make a decision not to take AP Spanish this year. Based on my opportunity cost i decided that it would not be worth it to take the class. The opportunity cost was my time and the money that it costs to take the AP test
This upcoming season I have been given the opportunity to play for a highly competitive Ice Hockey team. With the team I will participate in 7-8 tournaments, many of them being out of the state. These trips promise to be fun and great opportunities to be scouted. However, not without cost. The opportunity cost is that i will be forced to miss school often. I will be need to work extra hard to maintain school work in order achieve success academically and on the ice.
This month I made the decision to not work at all, by alleviating my responsibilities I will be able to gain more time that allows me study for my 6 IB classes, work on cheerleading related things or hang out with my friends. Unfortunatly, I won't be making any money but I have some left over from working all summer. I am giving up the opportunity to make money in order to do things I enjoy and have previously committed to.
I live near a lot of stores and the mall and stuff so if I want to go somewhere (and have some time) I walk or bike in order to save gas. The opportunity cost of walking or biking is my time, which I can spare sometimes. But, if I don't have a lot of time, I drive with the opportunity cost being the gas that I used, but I didn't use as much time.
This summer I had the great opportunity to spend my whole summer relaxing in California, but I also needed to work on my Extended Essay, which is worth 15% of my TOK grade. I knew that if I went to California, I would not be able to get done with my extended essay, which is why I knew I had to sacrifice my trip to California. By sacrificing my trip to California, I was able to increase my chances of finishing my biology experiment for my extended essay, which I did finish.
Whith a very busy schedual and lots of homework, I have had to put aside my hobbies. School is a priority above many other things. During the school year, I rarely paint or draw because I made an opportunity cost decision to focus on school work instead.
I had to make an opportunity cost with deciding what to do after school before baseball. I could either go home and be there for about 45 minutes and not get much done or I could stay at the school and work on home work before practice. I decided that the cost would be less if a stayed at school. I used less gas, got done more homework, and as a result I had more time after practice to do what I wanted to do.
Last week I was broke because my job sucks and my boss is a cheap skate. I had promised a girl I would take her to dinner but unless I borrowed money from someone (the act itself being rather demeaning) I would look like a cheapskate. Instead I made her dinner, saving myself time and money (and making it look like I can cook). I lost some energy by having to make dinner myself.
Between school and sports 'free time' is a foreign word. The fact is most high schoolers have more activities than they know what to do with. Sometimes it is necessary to calm things down and focus on what is really important in life. Instead of spending my weekend hanging out with friends and going non-stop I chose to spend my time doing homework and catching up on sleep. I felt much more prepared for a new week of over commitment.
This year I decided to take on a fuller schedule so that next year my schedule will be less packed with school work(hopefully)and I can have more time next year to possibly have a time release.
Opportunity cost is the sacrificing or forgoing of one thing to have more of something else. During the summer I worked a lot, not only my scheduled shifts but a lot of my co-workers dropped shifts. Now that I have started school I am unable to work as much and have only scheduled on Friday night or Saturday morning shifts. By doing so I have more time during the week to finish my school work and projects and do whatever else it is I might want to do. But by not scheduling for as many shifts I am not able to make as much money as I was during the summer. So by giving up or sacrificing work hours (money), I have more time to do what I want and finish my school work and projects.
Opportunity cost is the sacrificing or forgoing of one thing to have more of something else. During the summer I worked a lot, not only my scheduled shifts but a lot of my co-workers dropped shifts. Now that I have started school I am unable to work as much and have only scheduled on Friday night or Saturday morning shifts. By doing so I have more time during the week to finish my school work and projects and do whatever else it is I might want to do. But by not scheduling for as many shifts I am not able to make as much money as I was during the summer. So by giving up or sacrificing work hours (money), I have more time to do what I want and finish my school work and projects.
There are many examples of giving up something to get something else. For me I was considering putting some after market parts in my Subaru. However with increased performance I'd be loosing gas milage and my reliability may go down as a result of pushing the car harder than it was intended to be pushed. So as of now I'm not going to be messing with my car, but loosing gas mileage to gain performance would be a real life example of opportunity cost.
Unfortunately for me, I can hardly do a single thing in my life without the sacrifice of another thing. It's either spending sacred time with family or going out with friends. It's either working at my job or finishing my homework. It's either hanging at a park for free or spending some cash to go to a moive. I've suddenly had to give up working out, reading, and tv to get done what needs to get done everyday. And with less time to work than I had this summer, I suddenly have less money, making everything harder. Finding something unique and CHEAP to do with friends is sometimes impossible and I've had to give up extra study time to make some extra cash.
Opportunity cost has played a major role in my high school career as a way to decide what i value in my extra-curricular activities. The most recent example has been the choice not to enroll in dance classes for my senior year. Instead, I chose to use these extra 10 hours a week to study and keep on top of my IB curriculum, as well as have more hours available for my job. While this has been a rough decision, and the opportunity cost is the loss of an activity that has played a major role in my life, it is outweighed by the benefits academically and socially of having a newfound abundance of time.
Last weekend, I went to Sniagrab to buy a new pair of ski boots and other equipment. I realized that if I was going to purchase these things, I would have to give up my allowance for the next couple of months and be in debt with my parents. This would mean no money to see movies, or the occasional smoothie or other more minor expenses. I eventually decided that I would increase my utility by splurging and buying the equipment for the coming witnter. Equipment that costs more will last longer, so I decided to be in debt over my head than have boots that just don't cut it. :)
This summer I had to make the decision between doing softball or doing the musical. I did the both last year but this year since the musical got moved to after school I could only choose one. Most of my friends were doing the musical and I had a lot of fun with it last year but I chose to do softball. The opportunity cost was me giving up something that was with my friends for something that I have been playing since I was little.
Just the other day i had a situation of either starting a paper for school or go to work and earn a little more money, My opportunity cost decision was to either work and get more money or to get a good start on the paper. I decided to do the school paper instead of work. So i was giving up the opportunity to get a bit of money to do the school paper.
Tomorrow night is an example of an opportunity cost. It is the Niwot vs. Longmont game, but since i decided to take the opportunity in running my cross country race on Saturday, I will have to give up most of the Longmont game to sleep, thus my opportuinty cost.
Opportunity Cost is when someone gives up something for the next best alternative. Last week on Thursday, we had a football game. On Friday, I had to turn in a bunch of homework. Because my tennis match didn't finish until 6:45, I had no time between the match and the football game to get homework done. So instead of going to the whole football game and staying up till 2 in the morning to get my homework done, I left the game early to complete my homework and still get a reasonable amount of sleep.
Opportunity costs seems to be basically the price of anything. One might give take on a new activity but then they would have to give up some more time. In my life, I have to think about giving up my time a lot when I drive somewhere since no matter where I go, it takes awhile from my house. Of course, the gas is the same issue with the driving too.
Oppertunity cost is the what you lose when chossing between two decisions. I think almost evryone uses this every day because we have to make decisions on a regular basis. I use it especially when deciding how to spend my weekends, when I choose between studying more or going out.
Opportunity cost is what you must give up in order to get what you want. My opportunity cost of taking AP Economics is more, harder work, and possibly a lower grade. But the opportunity cost does not exceed the benefit of greater knowledge and a better class on my college resume.
An opportunity cost that just recently forced it's away into my life has to do with the musical. As unbelievable excited as I am to be in this great show, I am giving up quite a bit of time, energy, control and peace in my life. the cost is that the stress and effort that is required to be in such a show is massive, and I am giving up oportunities to work and get ready for colleges. But, I decided that the cost of the regret I would feel by not participating, and the benefit of being a part of such a great show, cause me to choose to participate.
I live next to Skyline, and it would be easy for me to go there, but the emotional cost to switch now wouldn't be worth the change from Niwot.
I think that i make an opportunity cost decision every time that I decide to do homework instead of hanging out with friends. The time i could spend relaxing is the next best thing to working to achieve academic goals.
An example of an opportunity cost decision that I have made in my life is the decision of playing sports. By playing sports I gain pleasure from competing, I get to be around my friends, and I learn life skills. However, by playing sports, I lose a lot of time that I would have otherwise. In turn, I have to have additional focus on time management to balance school, sports and leisure time.
Recently I had to make a major opportunity cost decision; I have had a lot going on in my life with school, sports, SAT classes, a job, and homecoming stuff. SInce I was overwhelmed I knew I had to eliminiate something and that something was going to be my job. I had to give up extra spending money, which eventually ment not much driving around or eating out so that I could enjoy other, more important things in my life.
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