Opportunity Cost

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Opportunity cost is the benefits one could have gained if another option was chosen. The opportunity cost associated with bethel’s online program would be meeting new friends. In a traditional setting, one can attend study groups with classmates to help one another. Students also miss out on the opportunity to have that human interaction with the professor. Another cost would be the opportunity to join organizations. I know some of us may not be thinking about things like fraternity or sorority or other groups, however, that is a big part of traditional school settings that many people such as myself would take advantage of. I myself played several sports in high school as well as college and if given the opportunity would do it again. …show more content…

Saving money not having to purchase books, gas to travel, and having a full-time job. “ Trading with others frees up time and resources to do other things that we do better”( ). Should Bill Gates hire a housekeeper to clean his home… Yes! The reason being is that the opportunity cost of him cleaning his own home would be the missed opportunity to work on other projects for his company. “ Trading with others frees up time and resources to do other things that we do better”( ). The Houskeeper should clean the home because she has a comparative advantage. The housekeeper is more cost-efficient than Bill Gates. If Bill Gates spent time cleaning his, let’s say ten bedroom home, he would probably take a couple of days trying to do compared to the housekeeper who does it for a leaving would take a probably a day. I should defiantly clean my house. I can clean my home better than anyone one else. I know where everything goes and it would not cost me anything to do it. Bill Gates trade-off off is different from mines because he makes millions of dollars a year. His time spent working on maintaining that salary is valuable. I, on the other hand, do have the time and resources to perform the task

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