This weekend, I am taking a trip back home to celebrate my little sister's eighth birthday. I went home just about every other weekend last year, but this year I have not been traveling back as frequently. I have been planning this trip home for the past couple of weeks, and have increasingly been more excited about it. I will get to see my family, hang out with some of my friends, and will even get to see my grandparents. Unfortunately, however, there are things that I will be missing out on that are going on here at Regent this weekend. Two things that I will be unable to attend due to this trip are a lecture for the Honors College and a dinner with one of my friends here. I will also be giving up potential opportunities to hang out with friends at Regent and get ahead on some of my schoolwork. These things that I will be missing out on are known as the opportunity cost of my taking this trip. I have taken all of these opportunity costs into consideration while deciding whether or not my trip home is worth it and have determined that it is worth the opportunity cost for me to go home this weekend. It might seem insignificant, but it just goes to show how economics plays a role in so many decisions that we make that affect our day-to-day lives. Economics truly is everywhere.
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To me, opportunity cost is one of the most fascinating topics in regards to economics. It is so simple, yet still guides so many individual's choices and decisions. For me, home is six hours away, and a trip to see my family would have great opportunity cost. However, I still find it important to see my family and lasts semester I took a trip home to surprise my family. Although the opportunity cost of the trip was great, I valued spending some extra time with them more, which ultimately guided my decision to make the trip.
I love how you are traveling home to visit your sister for her birthday this weekend. I wish I could travel home as much as you do except I live too far. However, I totally understand your point. Sometimes you have sacrifice something in order to do what you really want to do. You really want to go home and you are willing to sacrifice hanging out with your friends todo so. It is just like every other decision that we have to make with conflicting schedules.
I love this post!! I think this is something that is really important to think about. Last year, I also visited home more because I didn't really give much thought to opportunity cost. But this year, like you, I have given it more thought and have decided not to go home as often. My main thought is the cost of gas to drive the 4.5 hours it takes to get to my home from Regent. I spend about $60 on gas every time I take a trip home -- I have to think about the the opportunity cost of $60 before spending that every other weekend, even though I might want to!