Thursday, September 13, 2012
Discussion Question #2 (due 9/23)
The decision making terms of "cost-benefit analysis", "opportunity cost", "trade-off", "incentive", "disincentive", and "unintended consequence" should be beyond familiar to you by now. So this week I want you to tell a story about a decision you have either recently made, or are in the process of still making, that involves at least 3 of these 6 terms.
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"Recently I receive my license and on the verge of deciding what kind of car to buy and whether or not I should buy a car or not. The decision was difficult to make. The incentive is that I wanted to be able to have a something to drive, so I was willing to work harder to earn the money for that brand new car. The trade-off about my decision to buy a brand new car was that my spending money decreases because of the bills were too high. The opportunity cost was way too much thus making me work ten times harder for both the money to pay the bills and also having spending money. The cost of the car will make me work insanely hard but the benefit will be that I'll have something to drive to school in. The price of the car is my disincentive for not wanting to buy a new car. But in the end the decision is made and I decided to buy a new car, but I learned to work harder to pay the bills for it."
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ReplyDeleteAs of September 12th, the iPhone 5 was announced. I need to have it. The opportunity cost for me to purchase this $200 phone is less gas to drive around, less time going out to eat, no movie time this week, and no money for miscellaneous items this week. A normal mind's cost-benifet analysis of the pros and cons would clearly say wait until you are in a better financial state. Well I am a Apple Fanatic and I must have the latest and greatest no matter the cost. Now if I am disappointed with this new innovation it would be the worlds largest unintended consequence ever, I would be destroyed.
ReplyDeleteDuring this next year of high school I will be making a decision on whether I want to go to college and if so where. The trade off for this is that I will get a 4-year college education and hopefully get a well paying job right out of school. The opportunity cost that I am facing is 4 years of making money at a well paying job that I could carry on with me through my whole life. The incentive for me to go to college is to eventually get a better job than what I would have without a college education.
ReplyDeleterecently i bought a hat, infact its the very hat i have with me in class today. my first Yankees hat was burned by a freind of mine, so when i went to buy a new one with the money HE had givin me, in order to spite him i bought another one because his dislike of it would be my incentive. however there was a trade off, i could have gotten two 20$ hats but instead after my cost benefit analysis i chose the 1 hat because i didnt mind losing a hat so i could make him angry it was a much better opportunity cost.
ReplyDeleteSo I was invited to go deep sea fishing, but I was also invited to go spear fishing. I chose to go spear fishing instead of deep sea. The Trade off was that I caught Stripped bass instead of Bluefish and Atlantic Bonito fish. But the opportunity cost was that I didn't catch any Bluefish or Atlantic Bonito. But I like to go spear fishing and the incentive was that I got to go with my brother. Me and my brother caught more fish than my friends that went deep sea fishing anyways so it was a good day.
ReplyDeleteA few months ago, after I got my license, I made a decision to buy a car. My parents said that if I paid for the car myself I could have it. The incentive for me was to work all of my days off so I had enough money to pay for my car and be able to drive myself where ever I wanted without having to worry about being late or having to be driven. The opportunity cost of buying my car was working all of my days off and not being able to go to the beach or spend my time doing something else this summer. Another incentive was that if I paid for the car myself, my parents wouldn't be able to take it away from me if they got mad. The disincentive would be having to spend my money on buying the car and saving extra money in case it needed to be fixed. But now I can drive wherever I want and not have to worry about not being able to be somewhere, and I love my car.
ReplyDeleteThe other day, i had the decision to get burger king or subway. At burger king they have a game that you can play and if you win you can receive some sort of free food or drink, this is an example of an incentive that burger king offer to make you go there instead of their rival subway. By going to burger king and buying food from them, i am going through a trade off. I'm getting more BK and less subway. Last of all subway is the opportunity cost because i went to BK instead of subway.
ReplyDeleteOn Monday, Mrs. Scholes asked everyone to get to class early on Monday and the incentive of it was that first 10 people would not have homework while disincentive was that the people that arrived late would get extra homework. The opportunity cost of arriving to class early was losing sleep and not socializing with my friends before school. The unintended consequence of trying to arrive to class early was that I drove too fast to school. The trade off for coming into class early was skipping eating breakfast at my house and rushing out the door. The benefit of not having any homework outweighed the cost of losing sleeping and not socialize with my friends before school.
ReplyDeleteDuring tryouts for soccer this year I detached my knee cap. My knee swelled up and I was in a lot of pain and was forced to stop playing. I really want to get back on the field, but I haven't been able to yet. The incentive to play soccer is that it is fun and I love to be part of the team. However, disincentive of playing is that I will be in lot of pain and my knee will never get better. I used cost benefit analysis and decided that the cost of playing soccer, possibly hurting my knee more seriously and not being able to play for an even longer amount of time, is not worth the benefit of having fun right now and getting some exercise. the trade off of not playing is that I rest and get better, but I am getting out of shape and losing playing time. The unintended consequence of not playing soccer is that my grades are going up because I have more time to study since I am not always at practice after school. Hopefully my knee will heal before the season is over and I will be able to play the end of the season.
ReplyDeleteAustin Osborn
ReplyDeleteI was going to originally buy a motorcycle in december, but with the release of the I phone 5 the opportunity cost of my buying the motorcycle as opposed to the phone is $3000, gas money, insurance money, helmet cost, I wont be able to call/txt people, and so on. However, if I buy the I phone 5 the opportunity cost of that is 500 dollars to get it and activate it, monthly payments, not being able to "zip" around on the bike. My cost-beneffit analysis is greatly biased towards the bike due to my dad's side of the family being heavily influenced by the Harley-Davidson community/culture. An Unintended consequence of this radical expense could be my work not keeping up with the cost of the bike, forcing my selling of it which would absolutely devastate me. A second part of the unintended consequences that my dad and I planning to go to Sturgis Bike Week, or some other rally once I get my motorcycle, which would grind to a halt should I purchase a bike, then be forced to sell it and back out of our Bike Rally plans.
Last Sunday, i was not scheduled to work. However I picked up a shift that was from 1030-5. The incentive of me working was my paycheck would be bigger, and ontop of it I was getting time and a half. The opportunity cost of me working that day was being able to sleep in, and giving up one of my days off. Because I worked that day i only had one other day of that week, and it would give me 32 hours that week, which is to much for the school year. The trade-off of me going to work is that I had less time to do my homework, because I was at work instead of at home.
ReplyDeletewhen this month started my boss at colombos sold 90 tuna carpaccio for 30$ each entree. he made a 2700$ profit out of the tunas he sold. he decided to raise the price to 34.99$ with the incentive of selling the same amount or more but get more money out of it, making a profit of 3149$. after a day of sales he found out that the unintended effect he had was that he sold less tunas because he raised the price of the tunas. at the end of the day he saw the disincentive sales and decided to keep it at the original price
ReplyDeleteRecently I signed up for one of my favorite sport, Rowing. My incentive was to merely go to practice and hangout with my teammates, but my disincentive was losing 3 hours of what I could have been doing outside of crew. The trade off was that I sacrificed my time to join Crew. The opportunity cost of this was less time with friends, less time for homework, and less time of sleeping. But the Cost benefit was having a good time. All thought I thought that Crew was a good choose I had made, but the unintended consequence was just losing 3 hours of free time.
ReplyDeleteLast night, I scrolled through college board for hours trying to decide on a finalized list of colleges to apply to or visit within the next few months. My main dilemma is how far from home I want to be. I can not decide if i want to go to a school around Boston, or if i want to go to a school further away, such as Syracuse, 6 hours away. The incentive would be a school i love with all of the majors i am interested in. The trade off would be being further away from home and my family. The unintended consequence could be me being home sick, which i wont know until i get there! The opportunity cost would be me not going to school in Boston, a city that i know and that has so much going on.
ReplyDeleteI have recently been thinking about what I want to do for a career. I started this year thinking I really wanted to go into fashion or fashion merchandising which is why I took
ReplyDeleteFashion Design this year to help me figure it out. But, I’m also taking Human Anatomy this year which is really inspiring me to become a nurse or something in the medical field which I hadn’t thought I wanted to do before. So what I’ve been deciding is whether or not I should switch out of Fashion Design and go to a study hall or Chemistry which is something that you have to take to become a nurse. The incentive of switching into a study hall is that I could do homework in that and I’ll have more time at home. Also, if I switched into Chemistry I would be getting all the hard work out of the way before senior year. The disincentive is I would be switching out of a fun class to either go to a study hall which doesn’t necessarily look good for college or I’d switch into a class which is not AS fun and more work. The opportunity cost of me switching out of Fashion would be I would be giving up a class that is so far really fun. I haven’t made a final decision yet but hopefully reviewing the pros and cons of the decision will help me!
last night i got home late from work and i was really tired and i still had homework the cost benefit for me was
ReplyDeletecost:loosing sleep,have to study late night,tired for school the next day.
benefit: get good grades, pass my classes
the opportunity cost of my staying up late to do my homework was losing time to sleep
a incentive for me was maybe Mrs. Scholes would give surprise homework passes to the kids that did do there homework, but she didn't so next time that can be a disincentive for me because to do my homework because she might not be giving out homework passes
Recently this soccer season I was in need of some new cleats because my current ones were two sizes too small. The only problem was I loved my old ones and did not want to part with them because I was comfortable playing in them even though they gave me the worst blisters. Although buying new cleats would leave me with less money to spend on clothes or other things I wanted to buy, my feet would be in a lot less pain which seemed like a good trade off. But the opportunity cost of getting new cleats before tryouts and getting no blisters would be to have to play in cleats that were not broken in and were unfamiliar to me. Having cleats that are too small and give me blisters was a great incentive to get new cleats, but I was unsure about getting them because I would have to break in the new cleats before the new season started. After weighing the pros and cons and performing a cost- benefit analysis I came to the conclusion that I should get the new cleats and save my feet the pain of being squeezed in cleats two sizes to small for my feet.
ReplyDeletethis year i really like all my classes. i hand picked my senor schedule so i could have a successful senor year. all except one...precalc, i hate that class every day i dread going there. so i weighed the pros and cons of dropping it because i dont need the credit. was the trade off of dropping it and having a better schedule worth having colleges see i didnt take a math? even though that the opportunity cost of taking it is i have to go to precalc every day is going to suck the incentive of it helping me get into college is to high
ReplyDeleteBack in January, i turned 16. my parents wanted me to get my permit as soon as possible. i did not have any material on it to read, so my cousin lent me his handbook, an older version outdated by a few months. So after reading the book (taking 4 months in the process)i decide to try to take the driver's test. after 3 tries at $30 a try, i finally pass. My parents are usually pretty tight when it comes to handing out money but easily handed me $100. i have no need to drive yet, but they insist me to drive whenever there is time, even before i had time to do my homework or pick up my little sister from her bus. the trade off wasnt very helpful to me. the unintended consequence was me scared to get on the main road and riding the brakes through my neighborhood. my parents incentive was good, but im just not ready to drive.
ReplyDeleteThe decision making terms of "cost-benefit analysis", "opportunity cost", "trade-off", "incentive", "disincentive", and "unintended consequence" should be beyond familiar to you by now. So this week I want you to tell a story about a decision you have either recently made, or are in the process of still making, that involves at least 3 of these 6 terms.
ReplyDeleteA decision I am still in the process of making is weather or not to go to San Diego after graduation. My family is planning to have a graduation party for me and maybe my cousin. Our families in California and Florida are flying out for it and I wanted to go back to San Diego with them for about 2 weeks. I also have a summer internship job. I'm still weighing the costs and benefits; costs being the money for the plane ticket, money I'd be losing for not working, money I'd be spending in San Diego and benefits being enjoying a vacation, better food, no parents, better weather. A trade-off if I were to go would be more money spent and less money earned from work. An opportunity is the money I wouldn't be earning from the 2 weeks I miss from work.
The other night i got home very late my practice . My decision was to weather or not to do my homework and catch up on sleep . The opportunity costs of this was doing doing my homework was losing time to catch up on my sleep. The cost benefit was that the benefits were greater then the costs . Benefits- not getting a 0 on homework, getting a better grade, and being on my teachers good side to start the year. Costs - getting a 0 on my homework, parents would be angry due to homework percentages down , and self confidence of getting a good grade would be low . The trade off of this situation was getting all my homework done than not getting my homework done and loosing sleeping hours
ReplyDeleteI'm saving up for a car. That means, obviously, I'm going to need a job. The incentive of getting a job is that it will help me pay for a car, but it also means I have less time to hang out with my friends, a trade off. After a cost-benefit analysis, I decided that getting the job was the better choice.
ReplyDeletelast night when i got home from practice late. i had to decide between doing my homework, or going to bed. The cost for me was not going to bed early and doing my homework. the benefit for me was getting good grades. the opportunity cost of this situation is not going to bed early and getting more sleep to do my homework. An incentive for this situation is getting a good grade in economics.
ReplyDeleteMs. Scholes yesterday had given us a paper for homework to write about "Freakonomics" that we had watched in class. I had came home from school and started to do the paper instantly. We had to use certain words in our paper and it had to be filled all of the way up. My incentive was to finish the paper the correct way so that I would get the maximum number of points from it. The opportunity cost of having a requirement to fill up the paper was that my paper wasn't as strongly written as it could have been without a requirement. The cost benefit was that even though I took the extra time to do the paper, I am guaranteed a better grade and I have the rest of the day to do whatever I want to.
ReplyDeleteBefore the school year started, I knew I needed a new school bag. I had been working all summer and had enough money for a bag of my choice. I had been looking at this Michael Kors bag for months but it was expensive.My incentive for buying this bag would be because it was big enough for all my books to fit, it would last me a long time, and it was pretty to look at. However, the disincentive was it was a large sum of money that I could use for other things like gas or food. I tried to find a less expensive option and began searching through Urban Outfitters. I found a bag for less than 50 dollars! I ended up buying the Urban Outfitters bag. I did a cost benefit analysis and figured it would only take me less than a day to pay for the Urban Outfitters bag. Whereas it would take me almost half a week to pay for the Michael Kors bag. I thought if I bought the Urban Outfitters bag, I could buy other things. I found saving money was more important than splurging a lavish item.
ReplyDeleteMy first car was a 2003 Yukon XL. the size of the car allowed me to be safe and also slightly intimidating on the road. I would tower over all the other cars, a luxury I was privy to when making difficult turns. The size of the car also allowed me to transport seven other passengers, another luxury when your summer job consists of driving four 12 year old girls to the mall on a weekly basis. Though the size was great, a trade off was the absolutely awful gas mileage...10 mpg, to be exact. As any teenager who is newly liscensed and off their JOL, I love driving and do it whenever possible. Carpooling with friends is not only eco-friendly and fun, but saves gas too, right? Not for me! I always had the biggest car, so I was always the one driving, which i wouldn't mind, if I was spending less than $80 every two weeks for gas. But a few weeks ago my dad introduced a proposition to me. Hyannis Honda had a deal on leasing a Honda Civic--$80 per month after putting $4000 down. We did not owe any money on the car I was driving, but I was spending over $100 per month for gas. I was now faced with a decision: go for the lease on the civic, or continue driving my car with gas as my only expense. My parents agreed to split the monthly payments with me, so for me the cost of the Civic would be $40 per month plus whatever I needed to put in for gas. But one huge incentive that made consider the covic was the gas mileage: 35 mpg around town. Needless to say my personal cost-benefit analysis went something like this: "Keep paying $100+ per month for the Urban Assault Vehicle (as we called the yukon) or pay $60 per month for a cute, little civic that has amazing gas mileage." The decision was easy; the oppportunity costs of losing the Yukon was nearly nothing. My parents supported the decision, and after all the paperwork and such, I am now the proud driver of a 2012 Honda Civic who gets to keep a little more of her hard earned cash!
ReplyDeleteLast night I arrived home from hockey practice at around nine thirty.After a long day at school,going to the gym,and hockey practice the last thing that I wanted to do was my homework.However,I had incentive to finish Ms. Scholes essay which was getting a good grade in her class.I was left with the trade off of doing my homework now and going to bed later or going to sleep now and getting up earlier to finish the paper.I decided to go to sleep early and wake up before school to finish.Unfortunately before i went to sleep I forgot to set my alarm and I ended up sleeping in to late to finish the assignment.This demonstrates the economic principle of an unintended consequence because that prevented me from completing the assignment as I originally planned.
ReplyDeleteAs i senior i face the dreaded decision of what college to go to and why. My initial thought was to attend Cape Cod Community College and get some classes done in liberal arts before transferring to a different school. I had made this decision based on the fact that I am not sure what I would like to major in when I get to college. Now with all of my friends talking about roommates and the freedom they will have not living with my parents I am starting to question my decision. The incentive to attend Cape Cod Community College is that I have more time to decide on a major and I can get classes covered for cheaper then say a university. The incentive to attend a state school is that I will have freedom and the chance to become a more independent person. The disincentive to attend CCCC is that I would have to live with my parents for another year, while the disincentive for a state school would unfortunately be the cost. If i were to choose to go to CCCC my opportunity cost would be my freedom. however the unintended consequence of this may be that after a year out of high school and not living on my own I may have no motivation to move out and attend a different college.
ReplyDeleteThis summer I had to decide whether or not to get a job caddying or not working. The incentive would be that I am getting paid good money and I would have money to spend all year instead of waiting till Christmas and my birthday for money.The opportunity cost was that I would have to wake up at 5:30 a.m. to work or sleep in until whenever I wake up. The trade-off would be spending less time sleeping and hanging out with friends to work and get money. I chose to not work and do nothing because I am lazy.
ReplyDeleteLast night I got home late, maybe 9 30 and I still had some homework to do. I had to study for a math test, read my book for a quiz today, and finish the economics paper you assigned us. When I got home I was very tired and had no motivation to do any homework at all, so I had a hard decision to make. The cost-benefit analysis was that I would have to give up hours of sleep, I would be cranky the following day, I most likely would be late to school and get another tardy. But the benefit of doing my homework would be that I would receive better grades on my test and quizzes, my grades would be good, my parents would like that better and my teachers would know that I was trying. The opportunity costs of my situation would be that I stayed up late and lost sleep giving me little energy for the next day but I would come out of it by receiving higher grades. The trade-off was I got less time to sleep and be in a better mood but I stayed up late and did my homework.
ReplyDeleteLast week in school we had a challenge. Mrs. Scholes told us that the first ten people to get to class will have no homework for that night, and if you weren't you did have homework, and if you were late you had homework plus extra. Coming to class early is what i wanted to do because my incentive was that i did not want any homework. However coming to class early has many opportunity costs that we have to give up. Including talking to friends in the hallway, going to the bathroom, or going to your locker. The unintended consequence however was that in order to get to Mrs. Scholes class early i wrote a pass the bathroom in my previous class(which wastes my "valuable" learning time) so i could make it so Mrs.Scholes class before the other ten people.
ReplyDeleteA recent descison i had to make last weekend was wether or not to babysitt like I usually do on fridays or to go out with my friends.I really wanted to hangout with my friends but I also really needed the money. I needed the money because I just got my liscense which means filling the car every weak with gas which isnt cheap.On the other hand I really wanted to hangout with my friends because I hadnt seen all of them in a while and it just seemed fun.I ended up babysitting because in the end I can hang out with my friends any day of the week and why give up an oppurtunity to make money so I can drive and do those things.The oppurtunity cost of me babysitting was me not being able to hangout with my friends.The incentive to follow through with babysitting was the amount of money I would make and the places I would be able to go after with that money. The disencentive for me to choose babysitting would be that I dont get to hangout with my friends.As much as I love my friends the benefits outwayed the cost of not being able to hangout with them and Im now happy with the descision i made
ReplyDeleteThis Fall season brings a new school year, as a junior brings along a much heavier work load than any other year so far. With taking junior year on with two other sports dance and soccer creates a number of challenges. The opportunity cost of having both sports and academics is sometimes i don't get home till very late from sports that means me choosing to go to my sports after school, leaves less time for homework and studying and sometimes doesn't get the best of my ability put into the work. The trade off would be spending less time sleeping and more time for sports and homework. For me, the incentives are striving in more challenging classes and increasing my skills as both a dancer and as a soccer player.
ReplyDeleteHayley Spinelli
ReplyDeleteFriday, September 14th 2012
As a senior there are many responsibilities you must take hold of and do daily on your own whether it be small choices like doing your homework on time or big choices like decided what college you would like to apply to. One of my responsibilities to myself and a my parents is continue getting the good grades I've been getting, and its hard work you know. Must have homework done every night, must study for tests and quizzes and must put as much effort into everything that is graded. My incentive for getting A's all term is that for every A I get on my report card, my dad will pay for half of my insurance that month; So if I get 4 A's I will not have to pay for 2 months of my insurance. On the other hand the disincentive of getting A's is that so I will not have to spend more time working on the weekends for the money to pay for my insurance and then I wont have money for things I want for myself (such as a new purse). Because I need to get good grades, I need to put academics first before anything else and that is where I had to chose between getting tutored for SAT's in October or do fall rowing. Since SAT's basically choose my future and what colleges I want to apply to, I chose to be tutored and my opportunity cost is being able to row this season with all my friends. When I made the choice to not go with rowing I went through the cost-benefit analysis. The cost of doing tutoring is missing time to be with my friends and doing something I really enjoy but the benefit of going to tutoring is getting a better score than I did the last SAT I took and opening more choices to what colleges I can go to when I graduate. Here you can see the many decisions I have to make as a senior this year, and how very hectic it can all be!
At the end of my junior year, it reached the time that I had to decide what classes to take for my final year of high school. Do I take AP classes, do I take study halls, do I want to slack off? I cam to the decision that I was going to take two AP classes: AP Gov and AP physics. My incentive for doing this was that colleges would more likely accept and want to accept a student with AP classes, versus someone taking all CP2. It seemed like a good idea, until I saw the workload. The opportunity cost was that I would have much less free time because of the large sum of homework from my AP’s and other classes. The incentive however keeps me motivated. It’s only the second week of school, and I am beyond stressed. This is the unintended consequence I am going to face for the rest of the year. I keep telling myself that the incentive weighs out the stress, however it is going to be a rough year.
ReplyDeleteFor a little while now I have been contemplating moving out to colorado for college. If I didnt end up renting my own apartment I would most likely live with my cousin for the duration of my college experience. One main incentive for me to move to colorado is that mostly everything out there is cheaper. Housing for example is one main thing. A disincentive for me staying here on cape would have to be living with my parents for 2 extra years before i go to Med school and I'll tell ya, no one wants to live with there parents while they are attending college. A decent example for a trade off in this situation is that, yes I will be living generally on my own but in return I will end up paying rent. Even though the rent is reasonably cheaper out there it still needs to be paid.
ReplyDeleteFor the last 4 years of high school, i've gone to school with almost perfect attendance. the cost of coming to school is having to spend 6 hours a day sitting down but the benefit is furthering my education. the opportunity cost of coming to school is losing work hours and not making as much money. And then getting less sleep and going to school monday- friday 7:20-1:55 is the trade-off of going to school.
ReplyDeleteRecently I decided to take International Business on Virtual High School. I created a cost-benefit analysis when deciding whether or not I should take that class. If I do take the class, I will learn how the global business works but my opportunity cost would be attending class in a virtual environment, and no friends to talk to during class. Another opportunity cost would be less free time because Virtual High School requires time outside of school. The incentive of taking International Business will allow me to gain many knowledge on business cultures from different countries and also the importance of international business throughout the world.
ReplyDeleteThis morning I woke up late.I was in a rush all morning because I didn't want to get a Saturday school. It was 6:55 and I was almost ready to leave for school. I hadn't had a chance to make myself a bagel for breakfast and I was starving. If I put a bagel in the toaster, the opportunity cost would be arriving to school late and getting marked for another tardy. On the other hand, the trade off would be I wouldn't be hungry all day and complain about how I hadn't eaten breakfast. I did a cost-benefit analysis and chose to stay and toast my bagel. I decided i would rather be satisfied than hungry all day. This afternoon, I got a recording telling me I was late to school. When my mom heard, she gave me an incentive. She said that if I wasn't late to school for the next two weeks she would fill my gas tank for me.
ReplyDeleteAs I started my senior year, I knew that things would be very stressful. I had been dancing 5 days a week and with everything I need to do for college, that rigorous schedule would be too over-whelming. I cut my schedule down to three nights a week. I had to accept the oppertunity cost of not doing tap and competition class. On top of not being able to do the classes I am not able to compete this year which is the biggest oppertunity cost. The trade-off of this decision was that I was losing time doing the activity I love the most, but I am able to do more research and get more done in regards to applying and looking at schools. This has helped my stress levels decrease. My mom really supported my decision of cutting down on dance so while I was still struggling to decide, as an incentive she told me that with the money she saved from not having to pay for the trips, costumes, etc. for competitions, she would use the money to pay for a vacation this summer as a celebration of my graduation. Of course a tropical vacation is very appealing to me. The incentive worked and in my cost-benefit analysis I realized the pros of cutting down out-weighted the cons.
ReplyDeleteRecently, I made a decision to go to Florida with my friends on December 26th for a week. In order to go, I have to pay 600 dollars for a plane ticket. One opportunity cost of going to Florida is that I'm out 600 dollars. Also, while in Florida, I'll be missing out on New Years parties at home and I will be away from most of my friends. However, the opportunity cost of not going to Florida is missing out on a vacation with my friends, missing out on warm weather, and not getting a tan. An unintended consequence of going to Florida could be sitting in the airport for hours if the flight gets delayed. The trade-off would be that I will get more time with my friends away from home in warm weather, but less time with my family and friends at home, and less money. My incentive of going would be to get away from the Cape for a little while and have fun with my friends. In my cost-benefit analysis, I decided that the benefits outweighed the costs.
ReplyDeleteAs a senior I have been faced with the daunting decision of where to go to college. I have always wanted to go to scholl in the Midwest. Michigan specifically has been my dream school for years. Division one sports have been a major factor in my desire and epecially hockey. Recently I have looked at Pitt and Providence College. Those were both really cool schools that i really liked. Although when doing my own cost benefit analysis I have begun to way my options. Michigan has it all except it is quite a ways away from home. Pitt is also a really good school but does not play hockey, although they do choose baketball and football. Finally Providence is really close to home and they play hockey but they don't play football. There is definatly going to have to be a trade-off whether it be no hockey but a cool city, or hockey and no football, or everyhting but really far away. Michigan has it all but the disincentive is that i know I will be homesick because I am such a homebody now. I still really do not know where I want to go but hopefully I will make the right decision. Decisions, decisions...
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DeleteSenior year comes with many responsibilities and decisions, like deciding on where you want to go to college. I’ve always had my heart set on applying to Florida State University, which was my dream school. I did more research on the college and that’s when reality started to set in. The disincentive of going to FSU would be that it’s over $30,000 a year to attend and there are over 40,000 students there. The incentive of going to FSU is that it’s in Florida where it’s warm year around and it’s a great school. I really had to use cost-benefit analysis to figure out what I wanted to do. I had to figure out if it was logical to spend that much money on college or to stay locally and spend less on college. The opportunity cost of going to FSU is that I’ll be spending over $30,000 a year for my education. The opportunity cost of going to a local school is that I won’t be in warm weather year around and a beautiful location. I went with the more logical and cost-friendly option by staying local and paying less for college, even though I will miss the warm weather.
ReplyDeleteThe other morning I had to make the decision of whether or not to go into school early to ask questions about the sections my math test was on that day. Over the summer I learned three chapters of calc so I could be in a higher level class this year, so I was really nervous about my first test. I am not a morning person at all, but I really care about my grades so this was a hard decision for me. The opportunity cost of not going in early would be a better grade on my test and less stress the whole day. The opportunity cost of going in early would be sleeping in a little later. I also gave myself an incentive. If I went in early, I would stop to get an iced coffee which I never do because I don't have time. In the cost-benefit analysis, the benefits were greater than the costs. I thought that getting a better grade on my test would be more important in the end than being tired. I was going to be tired either way. My decision did pay off because I got my test grade back the next day and was very happy with it.
ReplyDeleteAlright so like almost every senior is worrying about college right now. Me, not so much right now, I've decided to do a PG (Post-Graduate) year at a prep school; primarily for hockey but also academics. To play college hockey now you it is almost a must to play a year or two after high school. I can most likely get into a very good school right out of high school but I've decided to do a PG year. The incentive of doing a PG year is a much better chance of playing college hockey and getting into a highly competitive college while you could say a disincentive is that it can cost up to $50,000+. The opportunity cost of doing a PG year is not going right into college after high school. However, i think a PG year will prepare me for college so much better than high school has. Hopefully i will get some financial aid for hockey so the cost wont be as much. Even without financial aid i believe the costs out weigh the benifits in terms od cost-benefit analysis.
ReplyDeleteSo, if I were to beat up my 13 year old brother in the future. The intended consequence would be to quiet him down while I am watching the Patriots game. An unintended consequence would be that Ashley Varnum would kill me and have my 16 year old brother kill me with her! The trade-off would be that I would not be able to watch anymore Patriots games. I think I should probably reconsider beating up my youngest brother if I want to watch anymore Patriots games and just deal with the noise.
ReplyDeleteOver the summer I worked 30+ hours a week. Giving this, i had an opportunity cost of being able to spend any time at my beachhouse at Millway in Barnstable Village. My incentive for this hard work was buying a car, which I accomplished. I went through a tought cost-benefit analysis or having a good time with friends all summer or working a lot to afford the things i bought. My disincentive to only work 10 hours a week compared to my 30+ that i did was i wouldn't have any money saved up to pay for gas and cr insurance when i get my license at the end of this year. Overall i made the right choice.
ReplyDeleterecently i have decided not to go on a trip with my family because i had homework to do so i gave up the oppurtunity cost of going on a trip with my family to do homework.my friend in florida always gives me incentives to do my work so i can get financial for college and even if i dont get financial aid for college i would still like to go because i think the benefit would be so much more than the cost so i used the cost-benefit analysis to make my decision for the future.
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