Opportunity cost, one of the most essential aspects of economics, is everywhere. Whether one is aware of opportunity cost or not, it guides every individual’s daily choices. For example, one might decide to pick up an extra shift instead of going to the beach because they want to save the extra money in order to do a bigger event, like vacation, sometime down the road. One of the biggest decisions of an individual’s life, their career, is often decided by the many opportunities that can be provided to them and their family.
Often, I have seen many people give up higher-paying jobs, in order for them to have with their families. Some people may think that this decision is crazy and that it is foolish to give up a high-paying salary. However, this example is a great demonstration of a key concept of economics: value is subjective. This idea is important to consider because one person may think that monetary gain is the most important part when choosing a career. Still, another person may believe that selecting a job that provides them the most time to spend with their family is essential. Some may agree with the former, while others will agree with the latter. The remarkable thing about economics is that both can be right.
I implore whoever reads this to consider what they value when they choose their career. If you think that getting a job with more free time to spend with your family is important, then choose that job. If you believe that gaining the best financial assets for the future is the best, choose a job that provides you the opportunity. Despite your decision, be careful when judging others about their jobs because what might have been best for you may not be best for them, and vice versa.