Monday, September 7, 2015
Economics in our Everyday Lives
Do you ever have to weigh your options and have to pick between two things? Well that is opportunity cost. Opportunity cost is what you give up in order to get what you want. Soccer Fest is a soccer tournament that happens every year the weekend before labor day weekend. It takes place over the course of three days in three different locations. Over three hundred teams from Illinois, Indiana, and Wisconsin take part in this event. They need many workers to keep everything working smoothly for example, field marshals and referees. I worked all weekend as a referee in the cold and rain. I had the option of staying home in the warmth and relaxing with my family and friends but instead I chose to work in the cold and rain and give up my time to make a good amount of money. Another example would be this weekend at September Fest. Instead of having fun with my friends at September Fest, I chose to stay home to study for math test that I need to get above an 80% in order to stay in that class. You may not know it, but subconsciously we use opportunity cost all the time.
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I agree with the choice that you made to work and earn money instead of relaxing at home. Money is an important commodity and is required to achieve any want in life. I choose to work on Saturdays as well instead of finishing up homework because I know I will be able to finish it once I get back.
ReplyDeleteOpportunity cost is definitely a skill that everyone uses hundreds of times a day. I know myself, I have piano duo lessons every Friday nigh, piano lessons every Saturday night, composition every Sunday afternoon, and chamber music every Sunday night. My entire weekend is basically gone because any time that I am home is spent practicing the piano or composing a piece. But the reason I do all these things is because I REALLY want to get into a music conservatory such as Juilliard or The New England Conservatory. I could easily just sleep all weekend or hang out with my friends, but I know that if I want to get into a top conservatory, I need to sacrifice my time and be absolutely devoted to my passion of music. The opportunity cost of spending my time practicing greatly outweighs relaxing.
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