Discussion Post
Part I
Opportunity cost arises when you have scarce resources and you are forced to make a choice amongst various competing alternatives. In the example, the scarce resource is time so the individual has to choose between the 2 jobs.
Formulate your own example that shows what opportunity cost is and go ahead and calculate your opportunity cost.
In your example state what your scarce resource is and show what was the next best alternative then calculate the opportunity cost.
Hint: opportunity cost arises in numerous decisions that we make including; going to college, going for a doctors appointment, making a purchase (like buying a car or anything else) etc.
How to calculate the opportunity cost?
Part II
Watch the video below and briefly share what are some of your own misconceptions of economics and what do you know now about economics that you did not know before
What is economics?
The response must include a reference list. Using one-inch margins, double-space, Times New Roman 12 pnt font and APA style of writing and citations.