You are standing in line. Think about what you would be doing if you are not in this line. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing if you are not in this line, determining the opportunity cost requires only knowing the one thing you would be doing.
Calculate your opportunity costs of standing in line.
Think about what you would be doing if you weren’t in class. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing if you were not in class, determining the opportunity cost requires only knowing the one thing you would be doing.
Calculate your opportunity costs of sitting in class.
The classic example of opportunity cost is the costs of going to college. Illustrate the implicit opportunity cost of foregone income as well as tuition, books, etc. Think about whether room and board should be considered a cost of college. What are your opportunity costs of going to college? Calculate your opportunity costs of going to college.
Discuss the opportunity costs of natural disasters. Create your own example of the opportunity costs of natural disaster.
Calculate opportunity costs of natural disaster.
Discuss the opportunity costs of your visiting the doctor’s office. Calculate your opportunity costs of your visiting the doctor’s office.
