Opportunity Costs: Video Response

August 27, 2009 § Leave a comment

The key economic concept, opportunity cost “is  the value of the next best alternative forgone as the result of making a decision (Wikipedia, 2009)”. In this post, let me discuss some points the video we’ve watched today in class has made about opportunity costs.

Point 1: There is a maximum amount to the price of what consumers would choose to pay.

Point 2: There is also a minimum amount to the price of what consumers would choose to pay.  Usually, to goods/services that benefits (utilizes) the consumers a lot, then consumers are willing to pay more.

Point 3: Utility is a classy word for benefit.

Point 4: The saying, “Time is money” exists in economics. Time has the most value in cost.

Point 5: People intendedly  compute without thinking of  how much they are willing to pay for a something.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

What’s this?

You are currently reading Opportunity Costs: Video Response at Natsuki's Economics Blog.

meta

%d bloggers like this: