Question

In less than 100 words, describe your opportunity cost of studying economics today.

A) The potential income from working on a part-time job
B) Missed social activities with friends and family
C) Forgoing relaxation and leisure time
D) Delaying completion of other academic assignments

Answer 1

Opportunity cost in studying economics today involves missing social activities and delaying completion of other academic assignments.

Step-by-step explanation:

Opportunity cost is a fundamental principle in economics that refers to the value of the next best alternative given up to obtain something. In the context of studying economics today, there are two possible opportunity costs:

1. Missed social activities with friends and family: By dedicating time to studying economics, you may have to forego attending social events or spending time with loved ones.
2. Delaying completion of other academic assignments: Studying economics may require a significant amount of time and effort, which could result in postponing the completion of other academic tasks.

Both of these opportunity costs involve trade-offs, where you have to sacrifice one thing in order to gain something else. It's important to evaluate the benefits and drawbacks of these choices to determine the best use of your time and resources.