close
test_template

The Concept of Opportunity Cost in Economics

Human-Written
download print

About this sample

About this sample

close
Human-Written

Words: 337 |

Page: 1|

2 min read

Published: Nov 16, 2018

Words: 337|Page: 1|2 min read

Published: Nov 16, 2018

Opportunity Cost is a great first step in thinking like an economist. Money is finite. So you must be smart with it. Opportunity Cost is the thing that is staring you in the face everytime you make a decision. And its magnified every time you make the wrong one. Opportunity cost is the best alternative to the choice you just made. If you are making a choice between being a professional baseball player or a professional football player. You must look very closely at the benefits of both of them. A benefit of football is if you're good enough you can get more money than a baseball player through the way of endorsements and having your own shoe etc. Gaining more money is a benefit of football. A benefit of baseball is it's a much safer sport but Baseball player are not very marketable celebrities so don’t expect any huge endorsement deals. Now it's time to make a decision. Let's say you go with baseball. You like benefits of getting money faster and don’t want to get hurt.

Opportunity cost becomes football. You made your decision based on the benefits and the cost. Sure you could've possibly made more money with football. But the benefit of choosing a safer sport outweighs the cost of not getting paid as much. See you thought like an economist and chose the option that had the best benefit and the lowest cost... Or you could pull a Bo Jackson and do both. Another example would be if you get a craving for pizza. But lets say your a little weird and Homerun Inn Pizza is your favorite kind of pizza. Let's say that you're also incredibly lazy and don’t feel like making pizza. So you order Pizza for delivery. Even though pizza through delivery is more expensive and you don’t enjoy is as much it was still worth it. The cost of spending more money for less good pizza outweighs the horror of actually doing something and making your own pizza.

Image of Prof. Linda Burke
This essay was reviewed by
Prof. Linda Burke

Cite this Essay

The Concept of Opportunity Cost in Economics. (2018, November 15). GradesFixer. Retrieved November 19, 2024, from https://gradesfixer.com/free-essay-examples/the-concept-of-opportunity-cost-in-economics/
“The Concept of Opportunity Cost in Economics.” GradesFixer, 15 Nov. 2018, gradesfixer.com/free-essay-examples/the-concept-of-opportunity-cost-in-economics/
The Concept of Opportunity Cost in Economics. [online]. Available at: <https://gradesfixer.com/free-essay-examples/the-concept-of-opportunity-cost-in-economics/> [Accessed 19 Nov. 2024].
The Concept of Opportunity Cost in Economics [Internet]. GradesFixer. 2018 Nov 15 [cited 2024 Nov 19]. Available from: https://gradesfixer.com/free-essay-examples/the-concept-of-opportunity-cost-in-economics/
copy
Keep in mind: This sample was shared by another student.
  • 450+ experts on 30 subjects ready to help
  • Custom essay delivered in as few as 3 hours
Write my essay

Still can’t find what you need?

Browse our vast selection of original essay samples, each expertly formatted and styled

close

Where do you want us to send this sample?

    By clicking “Continue”, you agree to our terms of service and privacy policy.

    close

    Be careful. This essay is not unique

    This essay was donated by a student and is likely to have been used and submitted before

    Download this Sample

    Free samples may contain mistakes and not unique parts

    close

    Sorry, we could not paraphrase this essay. Our professional writers can rewrite it and get you a unique paper.

    close

    Thanks!

    Please check your inbox.

    We can write you a custom essay that will follow your exact instructions and meet the deadlines. Let's fix your grades together!

    clock-banner-side

    Get Your
    Personalized Essay in 3 Hours or Less!

    exit-popup-close
    We can help you get a better grade and deliver your task on time!
    • Instructions Followed To The Letter
    • Deadlines Met At Every Stage
    • Unique And Plagiarism Free
    Order your paper now