Wednesday, October 9, 2013

Oppurtunity cost in our lives

We don't think about economics too much, but we use it everyday like physics. When we decide on what we will do, we are experiencing oppurtunity cost. We think about what the outcome will we be when we decide on something. We think whether or not the action we make or object that we consider buying is worth our time. For example, when it is lunch time we tend to go to fast
T food restaurants to give us more time to eat and so we have our food quick, but we can also decide on having our lunch prepared before work so we don't have to pay for lunch and won't have to worry about getting back to work in a hurry, but there is the problem that wemay not have the food we want for lunch at home and we may not be able to prepare it as good as someone who is trained to do it. So it comes down to what we think will give us the most efficient way to have lunch.

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