As promised I would progress further research & show further information on Opportunity Costs.
Every day we as people & even children make decisions. "Should I go to school to day, or should I use the spare time, to associate with my on-line friends on Facebook?". Another example is you can buy one can of RedBull for £1.50, knowing you have £5 on your person. However there is a Tesco branded drink that tastes a little different but has the exact same effects & chemicals of RedBull & this sells at 35 pence a can. The opportunity cost is you can buy 1 product that does the exact same thing for %23.3 less. What would you do?
In all fairness spending £1,50 will leave you with £3.50 for a good tasting drink that will give you energy. However I find energy drinks as high interest energy loans. Energy drinks will give you %50 energy but would want a repayment of %100 energy. Therefore because you don't want to feel dire exhaustion you replenish your supply of artificial energy. If you but another RedBull at 11:00, you are left with £2.00 which theoretically would dehydrate your body by 2 pm. Leaving your body needing another energy drink. If you went with Tesco's energy drink at 35 pence a can, You would have enough money to buy artificial energy through out the day. The opportunity cost is the best available decision that makes good use of our money & time
Watch this video for further understanding.
Monday homework?
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