My three examples of opportunity cost:
Should I drive for Uber today or enjoy a day off from my full time job?
Driving for Uber allows me certain things, Money in the form of earned income, money also in the occasional for of cash tips from my riders, I get to explore my town and the towns and city around me seeing new things, Driving also allows me to meet new people and occasionally form new networking nodes into different parts of business and society that I do not operate normally. The costs on not driving for Uber are that I do not earn the extra income, I also however do no spend the extra on gas for me car, and avoid the extra wear and tear on it. Not driving allow me to spend more time at home with my family or out with them doing …show more content…
The choice of time over money is one I think a lot of people make. It is also one that I think a lot of people make incorrectly. My time is valuable, whether I am at work or not I have a limited amount of it and there are just some things that I do not think it is worth me spending time doing. For an example, the eating out option. I cost me anywhere from $5 to $12 for lunches normally. However, if I was to spend the time doing that myself I would be working ½ to 1 hour preparing food. Just going off of what my current salary is, it is cheaper to pay someone else.
For my article I found “3 ECONOMIC PRINCIPLES YOU CAN APPLY TO YOUR LIFE” from a blog called Ms Career Girl. (GIRL, 23009) In it are given three principles that I am sure we are to learn about: Opportunity Cost, Sunk Costs, and The Law of Diminishing Returns. In the section about our subject, some very clear real world examples of Opportunity Costs are given and how these decisions can only be made by yourself. What made the article interesting were the real world examples given as well as the advice given on why you need to make these decisions and how they can affect
Should I drive for Uber today or enjoy a day off from my full time job?
Driving for Uber allows me certain things, Money in the form of earned income, money also in the occasional for of cash tips from my riders, I get to explore my town and the towns and city around me seeing new things, Driving also allows me to meet new people and occasionally form new networking nodes into different parts of business and society that I do not operate normally. The costs on not driving for Uber are that I do not earn the extra income, I also however do no spend the extra on gas for me car, and avoid the extra wear and tear on it. Not driving allow me to spend more time at home with my family or out with them doing …show more content…
The choice of time over money is one I think a lot of people make. It is also one that I think a lot of people make incorrectly. My time is valuable, whether I am at work or not I have a limited amount of it and there are just some things that I do not think it is worth me spending time doing. For an example, the eating out option. I cost me anywhere from $5 to $12 for lunches normally. However, if I was to spend the time doing that myself I would be working ½ to 1 hour preparing food. Just going off of what my current salary is, it is cheaper to pay someone else.
For my article I found “3 ECONOMIC PRINCIPLES YOU CAN APPLY TO YOUR LIFE” from a blog called Ms Career Girl. (GIRL, 23009) In it are given three principles that I am sure we are to learn about: Opportunity Cost, Sunk Costs, and The Law of Diminishing Returns. In the section about our subject, some very clear real world examples of Opportunity Costs are given and how these decisions can only be made by yourself. What made the article interesting were the real world examples given as well as the advice given on why you need to make these decisions and how they can affect