Overview
For the assignment this week, we are going to go into (even more) detail on opportunity costs. This time, we will focus on personal decisions you've had to make. Like the lecture this week states, each of us, every day, has to make decisions based on opportunity costs. Today, I had to make a decision on whether to eat pizza or salad for lunch. I chose the pizza because, well...pizza. But, the opportunity cost was the health benefits I would have gained from eating the salad. This is a very simple (and delicious) example, and not what we're asking you to consider for this assignment.
Instead, your focus will be on a significant purchase you have made in your life and the opportunity costs involved with the decision-making process as you worked through whether or not to make the purchase. (Think your home, auto, a major investment, a home improvement project, choosing one career over another, etc.)
Be sure to address the following in your paper:
- What opportunity cost is.
- A purchase you have made that was significant
- Some of the opportunity costs that occurred in order for you to make that purchase.
- Make sure to quantify these costs as well.
Your paper should be 2-3 double-spaced pages, with a title page, and reference page APA format.