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建立人际资源圈The Philosophy of Opportunity Cost---Essay范文论文
2016-08-04 来源: 51Due教员组 类别: Essay范文
Essay代写范文：The Philosophy of Opportunity Cost这篇Essay范文主要内容是研究经济学基本理论，以及讨论如何降级机会成本的诸多因素,机会成本，简单而准确，几乎涵盖了所有的真理.因此，要减少后悔的可能性，换句话说，降低机会成本，每当我们做出选择，我们需要尽可能多的因素来考虑.在此过程中，机会成本起着主导作用,从而让自己的生活尽可能高效是机会成本的理念。
Introduction 简介
In 2015, when thousands of Chinese abandoned their appetites in the real estates fields or stock markets and flooded to buy the US dollars as a means of investment, they were experiencing a kind of calculation, in which they calculated and found the most desirable means that can give them the best and largest returns, however, once they made up their mind and performed the decision, they could no longer use the capital for other use, like stock markets or buying bonds. People made such a choice after sophisticated calculation and consideration, comparison of the best two or more alternatives and finally chose the better one as they believed and hence discarded the next to best substitute, which became opportunity cost of the foregone alternative, which to many may, when think in retrospect, results in regret, for they chose one rather than the other, which they could possibly produce more desirable results (David, 2008).
As a simple but fundamental concept in Economics, which deals with scarcity and resources, opportunity cost plays an extremely important role in the field (Robbins, 1932). An introductory textbook even lists as one of the three fundamental concepts (the other two are ''marginalism'' and ''efficient markets'') in economics, which holds that a successful economic learner would use these three concepts almost every day, for our life is full of choices and economics (Ross,2014).
Playing such an important role, however, economics are not given enough emphasis. Instead, they are more likely to be linked with monetary means and investment, which seems that a successful economic scholar must be a successful businessman or investor who profits a lot from its investment, rather than its original meaning, which focuses on human behaviors of a relationship between ends and scarce means that have several alternatives. People agree that the goal of the discipline is to improve the living standard of human life, which is almost the goal of all the disciplines (Paul, 1948),.
A question which asked about 200 economists to calculate the opportunity cost of a small case, where a person got a free ticket (which cannot be resold) for a band and he was told that his favorite band was also going to hold a concert which asks for 40$, with 10$ saving compared with the usual 50$, as for the opportunity cost for the free band, fewer than 22 percent economists chose the 10$, the right answer for the question. Among the economists, two thirds of them had a PhD s, while the rest was striving for PhD s, which was really stocking when these so-called elites in economics make mistakes in the pathetically simple concept, opportunity cost (Ross, 2014).
As a student who took economics course this term, I find myself deeply fascinated with economics, especially its pursuit for efficiency. Opportunity cost, simple but accurate, almost covers all the truths, that’s why I want to write an essay on it to have a deep understanding of it.
The term was first coined by Austrian economist Friedrich von Wieser in his social economics, which laid the foundation of the Austrian economics (Friedrich, 1927). Many other famous people like Franc-kin Bacon also expressed the similar view, which is more known to us, “Time is money”, people can make money via the efficient use of time, and thus a waste of time means the loss of treasure, in a negative way (Franklin, 1746).
As the concept was so fundamental that almost all the economic undergraduates are exposed to this concept in the first week of introductory classes, which assumes that such a concept is as straightforward as to not demand further teaching or explaining, which may become one of the reasons that more than 78% scholars made mistakes of such a concept.
In spite of its shortage of attention, opportunity cost does play an important and universal role in our life, people’s failure to recognize that cannot deny its existence and importance. Opportunity cost accompanies every decision of human beings, organizations, governments and even our whole society.
Throughout our life, opportunity cost runs through all our life. Even before a life was born out, whether or not to have it reflects such a comparison and philosophy. Before a person was born, his or her parents may be faced with option, whether or not have a little baby to join and expand the family, if they choose to have, then in addition to the painstaking process of pregnancy, which lasts for about ten months, and the suffering of the moment giving birth, they will have to vacate themselves to bring up their little baby, keeping their little baby accompany and taking good care of the life, they also have to set aside a large proportion of their money to feed the life, which may means fewer chances to long travel and less experience of your favorite cosmetics, handbags and freedom and a life may full of messes. Parents have to take account of the needs, the nutrition and the development of their children whenever they would like to make some changes. Such an exorbitant sacrifice of time and money prohibits many young couple to have a little baby, not to mention that it makes them think for more than once before such a determination. But every day tens of thousands new babies are given births to join the new world, for the happiness of their existence is unaccountable and valuable. Nobody excepts a mother could feel how happy she was when she saw the ugly baby came out from her stomach and hear the loud cry of her young child even though she was just experiencing a pain which makes her almost want to see the god. The moment of witnessing the new life offsets all the pains, and brings even more for the couple. Maybe the main source that leads young couple to having a child results from this, based on such a consideration, they decide to have a baby, and the opportunity cost of the little child is the pleasure that could come out from the substitutes that the young couple would receive otherwise.
After the baby came to the world, however, the story does not end but simply suggests a beginning for a life full of choices, after the baby came to the world, all the factors they once take into account bewilders them again, because this time, they have to face them in the real world. They will hesitate between whether let their baby learn some special skills when they are still young, if yes, then whether to choose chess, violin, piano or others. As they become older, should they send their child to a private school or public school? Should one of them resign to take care of the whole family? All in all, many problems come out and they have to make a decision quickly and wisely. Each choice means a corresponding opportunity cost.
That’s consideration for the family members, as for themselves, one of the typical economic puzzle is whether or not go to university and the cost of going to the university, which puzzled me several years ago. As a senior high student, who is going to graduate from the school soon, you are confronted with a problem: study further for another 4 years or more in university or simply stop your learning career and prepare yourself for the job market and try to realize your value in society? The explicit cost of going to university is the tuition, which is different from the daily life expense like room and board that happened anyway, it’s kind of choice and could not be avoided. Besides, the opportunity cost also includes the possible wages you could have earned if you work, since as a freshman without any experience in the job market, your salary would not be very high, so the implicit cost would not be very high, either. It is a kind of cost, no matter how small, anyway. That’s why the government subsidizes the Education, the charitable organizations donate money to university, and even the university itself provide scholarship to encourage outstanding students continue their studies rather than struggle a life in the fierce job market only to find their income are low enough to make their ends meet.
As we step into the job market and have some money available in hand, we may wonder whether put the money in the stock market as a means of creating treasure or put it aside for the possible use. During our careers, maybe the most common application of opportunity cost is to decide whether to do the things ourselves or employ someone to release the burden, in other words, the balance of work and family. Doing things on our own is usually cheap and can be interesting. But the cost of that is the value of the alternatives we could have done. Such alternatives could include taking a part-time job or works as a freelancer, which could enrich our pockets. So doing things ourselves can be expensive in the economic sense. But the non-monetary costs can offset the monetary costs. Spending time having dinner with family is the opportunity cost of doing the part-time job.
Whatever the decision we make, once we decide, the opportunity cost is the forgone alternatives. In fact, not only individuals encounter a variety of choices and the decision of them could incur opportunity cost, the act of organizations and even government could produce opportunity cost.
To set up an organization, especially an organization which aims to make profits, a company, for example, the initiators have to invest money to run the organizations, hire capable persons to help make wise decision and so on. The moment they decide to use the money to set up their company means they cannot put the money for another use, like donate it to a charity or invest it in the real estate or stock market. Just as the beginning depicts that many Chinese are buying US dollars as a means of investment instead of investing the stock market, which used to be a trend recent years. Before they register the organization, they may have to plan on the scope of the organization, the name of it, and the label of it, even if the process may be as simple as an apple with a bite gave birth tothe famous company Apple, it still took time and determination, and this determination sacrificed other choices, which could be the opportunity cost.
If a country wants to be prosperous and make its civilians lead a life of high quality and cooperate with its neighbor country in a peaceful way, they have to own a highly-operating leadership, which could make sensible decisions. One basic rule for the government can be reflected in the voting institution, whether by a one half majority or two thirds, which makes a struggle represent the majority people, kind of similar to Bentham utilitarian, which maintains that the interests of the majority outweigh that of the minority. But a country is a unity, and ignorance of the interests of the minority would easily trigger riots or parades. The mission of a government is try to reduce the opportunity cost of its each decision, that is why they are usually less strict with the minority in the process of implementation. For the decision could be regarded as discrimination for them there is no justification to sacrifice their interests in order to satisfy the majority, they become the opportunity cost of the decision. However, since the vested resources are finite, which can never meet the public demand, sacrifices must be made.
Politically, domestically, whether the country takes the republic institution or constitutional monarchy or even autocracy produces the opportunity cost. Diplomatically, when the neighbor has civil wars or has conflicts with the other neighbor or even with the country itself, what would it do? When several strategies are presented in front of it, any of the choice would create opportunity cost, namely, they have to lose some interests. Specifically speaking, if their neighbors have conflicts with each other, even though they claims they are neutral, the opportunity cost could be that the country miss a chance to set up close politician relationships with the other country, whose politician views are extremely close to its own.
Economically, when the country takes less measures to supervise the market and gives great space for the market itself, the so-called free market, which develops fast due to its principle of demands and providing, the opportunity cost would the planning economics, once taken by the Soviet Union, after the second the world war, which proved to be not as successful as free market, after all, it is still a kind of cost. Then when the government takes measures to control the monopoly to ensure the healthy environment of the country, the evil outcomes of the free market, they still have opportunity costs, which could be the resources used to make such a decision that could be use otherwise. As for international trade, the control of tariff also could have effects. Whether a country is open to the international market and whether the country prefers to satisfy its civilian demands itself are all worth careful consideration.
Culturally, should a country took protective view to its traditional culture discarded attitude to its own culture while welcome the foreign one, which could be the better one? Even if we find a solution that could protect both and hurt none, there still produce opportunity cost, the country could have use the efforts to do other things to serve the public. As we discussed above, the cost of education could be high, so the government may take steps to ensure its civilians’ education, the funds could have been put for other use, like medical care or pensions.
In a world never succeed in solving the problem of scarcity, we need to live in a life with efficiency, trying to use finite resources to meet infinite demands, to get as much as we can out of our life. We have to make mountains of choices among competing alternatives, while we choose something, we have to give up some other things, for we cannot have enough time and money to go through all kinds of options, that is why many people who is not satisfied with the already results always wonder “what if I choose the other alternatives?”
So to reduce the possibility of regret, in other words, to lower the opportunity cost, whenever we make a choice, we need to take as much as factors into consideration (Bastiat, 1848).
However, one thing we have to admit is that if we really do like this, life would be very hard for us, which may be contrary to an efficient life, all we have to do is considering the opportunity cost, rather than other cost like sunk cost, which has already occurred and cannot be recovered, or historical cost, the original monetary value of an economic item (Russell, 2007).
Opportunity cost is the kind that always looks forward, regardless of what and how much you have put already. So even though you have a striking record of investment, it only can act as a proof that substantiates your ability to invest. You still suffer an opportunity cost at the time of your decisions, each of them will be confronted with opportunity cost, the so-called sunk cost or historical cost could work as experience or a lesson. As for the difference between these concepts, I would like to list several examples to discuss.
Firstly, in terms of the difference between sunk cost and historical cost, take the repair of a mobile for an example, my phone breaks down again, the option of fix it again is not linked with the repairing fees of the first time (the sunk cost), although the history of repair may deter me from repairing it and encourage me to buy a new one (if my pocket allows me). Seldom would any one try to persuade me that since you have already spend quite a few money fixing it, you should fix it again, or you will lose the money you had invested. Instead they would try to suggest me that if the second repair could be more favorable to my present situation and worth me a second repair, then fix it, vice verse. For the cost of buying a smart phone with high performance become low due to the development of the science technology. If I can afford to buy one and do not need to use the money for more urgent use, then I can buy a new one. But the more urgent use or other use become the opportunity cost.
On the other hand, due to my wrong judgment, I bought some falling stocks at a high price, which I had expected to make a fortune and cost me almost all the savings I have, but unfortunately, it drops as fast as the a free falling body and even drives me almost mad. When I made up my mind to sell it to get the money for food, if I told the prospective buyers that since it cost me a lot, it was only fair that I got my spending back plus a little profits, it is unlikely for you to sell the stock and what is likely to occur is that the buyer send you to a psychiatric center out of humanity. Market prices are determined by the demands and neglect history./> The story goes for the historic costs, if you receive a Benz as birthday gift from your parents (just an example) and several years later, when you lend it to your friend to drive out, the car ran to a tree because of the muddy road and thus was totally damaged, your friend wouldn't ask you to take it easy, for it was merely a gift, which cost you nothing. If this happens, it may forecasts an end between you two.
Conclusion 结论
So to lead an efficient life, we have to first keep in mind that everything has a cost. Although people welcome the naive point that something is free. We are reluctant to hear about the hidden costs, the opportunity cost. Sometimes we just want to eat our cakes, without being informed of the fact that we missed out a spectacular piece of pie, although this make us happy for the moment, and it is really tiny and we should not make it a mess.
When it comes to some important parts, like choosing whether to study further or go directly for work, which means something to us, we would like to take it seriously and carefully to calculate the opportunity cost of it.
Each day has the constraint of 24 hours and nobody could live an infinite time, we cannot deny this and cannot escape from this (Russell, 2007). How to make the best of our limited time and achieve most therefore becomes the point and in this process, opportunity cost plays a leading role.
For me, calculating the value of the forgone alternatives of each choice and thus make my life as efficient as possible is the philosophy of opportunity cost.
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Introduction 简介
In 2015, when thousands of Chinese abandoned their appetites in the real estates fields or stock markets and flooded to buy the US dollars as a means of investment, they were experiencing a kind of calculation, in which they calculated and found the most desirable means that can give them the best and largest returns, however, once they made up their mind and performed the decision, they could no longer use the capital for other use, like stock markets or buying bonds. People made such a choice after sophisticated calculation and consideration, comparison of the best two or more alternatives and finally chose the better one as they believed and hence discarded the next to best substitute, which became opportunity cost of the foregone alternative, which to many may, when think in retrospect, results in regret, for they chose one rather than the other, which they could possibly produce more desirable results (David, 2008).
As a simple but fundamental concept in Economics, which deals with scarcity and resources, opportunity cost plays an extremely important role in the field (Robbins, 1932). An introductory textbook even lists as one of the three fundamental concepts (the other two are ''marginalism'' and ''efficient markets'') in economics, which holds that a successful economic learner would use these three concepts almost every day, for our life is full of choices and economics (Ross,2014).
Playing such an important role, however, economics are not given enough emphasis. Instead, they are more likely to be linked with monetary means and investment, which seems that a successful economic scholar must be a successful businessman or investor who profits a lot from its investment, rather than its original meaning, which focuses on human behaviors of a relationship between ends and scarce means that have several alternatives. People agree that the goal of the discipline is to improve the living standard of human life, which is almost the goal of all the disciplines (Paul, 1948),.
A question which asked about 200 economists to calculate the opportunity cost of a small case, where a person got a free ticket (which cannot be resold) for a band and he was told that his favorite band was also going to hold a concert which asks for 40$, with 10$ saving compared with the usual 50$, as for the opportunity cost for the free band, fewer than 22 percent economists chose the 10$, the right answer for the question. Among the economists, two thirds of them had a PhD s, while the rest was striving for PhD s, which was really stocking when these so-called elites in economics make mistakes in the pathetically simple concept, opportunity cost (Ross, 2014).
As a student who took economics course this term, I find myself deeply fascinated with economics, especially its pursuit for efficiency. Opportunity cost, simple but accurate, almost covers all the truths, that’s why I want to write an essay on it to have a deep understanding of it.
The term was first coined by Austrian economist Friedrich von Wieser in his social economics, which laid the foundation of the Austrian economics (Friedrich, 1927). Many other famous people like Franc-kin Bacon also expressed the similar view, which is more known to us, “Time is money”, people can make money via the efficient use of time, and thus a waste of time means the loss of treasure, in a negative way (Franklin, 1746).
As the concept was so fundamental that almost all the economic undergraduates are exposed to this concept in the first week of introductory classes, which assumes that such a concept is as straightforward as to not demand further teaching or explaining, which may become one of the reasons that more than 78% scholars made mistakes of such a concept.
In spite of its shortage of attention, opportunity cost does play an important and universal role in our life, people’s failure to recognize that cannot deny its existence and importance. Opportunity cost accompanies every decision of human beings, organizations, governments and even our whole society.
Throughout our life, opportunity cost runs through all our life. Even before a life was born out, whether or not to have it reflects such a comparison and philosophy. Before a person was born, his or her parents may be faced with option, whether or not have a little baby to join and expand the family, if they choose to have, then in addition to the painstaking process of pregnancy, which lasts for about ten months, and the suffering of the moment giving birth, they will have to vacate themselves to bring up their little baby, keeping their little baby accompany and taking good care of the life, they also have to set aside a large proportion of their money to feed the life, which may means fewer chances to long travel and less experience of your favorite cosmetics, handbags and freedom and a life may full of messes. Parents have to take account of the needs, the nutrition and the development of their children whenever they would like to make some changes. Such an exorbitant sacrifice of time and money prohibits many young couple to have a little baby, not to mention that it makes them think for more than once before such a determination. But every day tens of thousands new babies are given births to join the new world, for the happiness of their existence is unaccountable and valuable. Nobody excepts a mother could feel how happy she was when she saw the ugly baby came out from her stomach and hear the loud cry of her young child even though she was just experiencing a pain which makes her almost want to see the god. The moment of witnessing the new life offsets all the pains, and brings even more for the couple. Maybe the main source that leads young couple to having a child results from this, based on such a consideration, they decide to have a baby, and the opportunity cost of the little child is the pleasure that could come out from the substitutes that the young couple would receive otherwise.
After the baby came to the world, however, the story does not end but simply suggests a beginning for a life full of choices, after the baby came to the world, all the factors they once take into account bewilders them again, because this time, they have to face them in the real world. They will hesitate between whether let their baby learn some special skills when they are still young, if yes, then whether to choose chess, violin, piano or others. As they become older, should they send their child to a private school or public school? Should one of them resign to take care of the whole family? All in all, many problems come out and they have to make a decision quickly and wisely. Each choice means a corresponding opportunity cost.
That’s consideration for the family members, as for themselves, one of the typical economic puzzle is whether or not go to university and the cost of going to the university, which puzzled me several years ago. As a senior high student, who is going to graduate from the school soon, you are confronted with a problem: study further for another 4 years or more in university or simply stop your learning career and prepare yourself for the job market and try to realize your value in society? The explicit cost of going to university is the tuition, which is different from the daily life expense like room and board that happened anyway, it’s kind of choice and could not be avoided. Besides, the opportunity cost also includes the possible wages you could have earned if you work, since as a freshman without any experience in the job market, your salary would not be very high, so the implicit cost would not be very high, either. It is a kind of cost, no matter how small, anyway. That’s why the government subsidizes the Education, the charitable organizations donate money to university, and even the university itself provide scholarship to encourage outstanding students continue their studies rather than struggle a life in the fierce job market only to find their income are low enough to make their ends meet.
As we step into the job market and have some money available in hand, we may wonder whether put the money in the stock market as a means of creating treasure or put it aside for the possible use. During our careers, maybe the most common application of opportunity cost is to decide whether to do the things ourselves or employ someone to release the burden, in other words, the balance of work and family. Doing things on our own is usually cheap and can be interesting. But the cost of that is the value of the alternatives we could have done. Such alternatives could include taking a part-time job or works as a freelancer, which could enrich our pockets. So doing things ourselves can be expensive in the economic sense. But the non-monetary costs can offset the monetary costs. Spending time having dinner with family is the opportunity cost of doing the part-time job.
Whatever the decision we make, once we decide, the opportunity cost is the forgone alternatives. In fact, not only individuals encounter a variety of choices and the decision of them could incur opportunity cost, the act of organizations and even government could produce opportunity cost.
To set up an organization, especially an organization which aims to make profits, a company, for example, the initiators have to invest money to run the organizations, hire capable persons to help make wise decision and so on. The moment they decide to use the money to set up their company means they cannot put the money for another use, like donate it to a charity or invest it in the real estate or stock market. Just as the beginning depicts that many Chinese are buying US dollars as a means of investment instead of investing the stock market, which used to be a trend recent years. Before they register the organization, they may have to plan on the scope of the organization, the name of it, and the label of it, even if the process may be as simple as an apple with a bite gave birth tothe famous company Apple, it still took time and determination, and this determination sacrificed other choices, which could be the opportunity cost.
If a country wants to be prosperous and make its civilians lead a life of high quality and cooperate with its neighbor country in a peaceful way, they have to own a highly-operating leadership, which could make sensible decisions. One basic rule for the government can be reflected in the voting institution, whether by a one half majority or two thirds, which makes a struggle represent the majority people, kind of similar to Bentham utilitarian, which maintains that the interests of the majority outweigh that of the minority. But a country is a unity, and ignorance of the interests of the minority would easily trigger riots or parades. The mission of a government is try to reduce the opportunity cost of its each decision, that is why they are usually less strict with the minority in the process of implementation. For the decision could be regarded as discrimination for them there is no justification to sacrifice their interests in order to satisfy the majority, they become the opportunity cost of the decision. However, since the vested resources are finite, which can never meet the public demand, sacrifices must be made.
Politically, domestically, whether the country takes the republic institution or constitutional monarchy or even autocracy produces the opportunity cost. Diplomatically, when the neighbor has civil wars or has conflicts with the other neighbor or even with the country itself, what would it do? When several strategies are presented in front of it, any of the choice would create opportunity cost, namely, they have to lose some interests. Specifically speaking, if their neighbors have conflicts with each other, even though they claims they are neutral, the opportunity cost could be that the country miss a chance to set up close politician relationships with the other country, whose politician views are extremely close to its own.
Economically, when the country takes less measures to supervise the market and gives great space for the market itself, the so-called free market, which develops fast due to its principle of demands and providing, the opportunity cost would the planning economics, once taken by the Soviet Union, after the second the world war, which proved to be not as successful as free market, after all, it is still a kind of cost. Then when the government takes measures to control the monopoly to ensure the healthy environment of the country, the evil outcomes of the free market, they still have opportunity costs, which could be the resources used to make such a decision that could be use otherwise. As for international trade, the control of tariff also could have effects. Whether a country is open to the international market and whether the country prefers to satisfy its civilian demands itself are all worth careful consideration.
Culturally, should a country took protective view to its traditional culture discarded attitude to its own culture while welcome the foreign one, which could be the better one? Even if we find a solution that could protect both and hurt none, there still produce opportunity cost, the country could have use the efforts to do other things to serve the public. As we discussed above, the cost of education could be high, so the government may take steps to ensure its civilians’ education, the funds could have been put for other use, like medical care or pensions.
In a world never succeed in solving the problem of scarcity, we need to live in a life with efficiency, trying to use finite resources to meet infinite demands, to get as much as we can out of our life. We have to make mountains of choices among competing alternatives, while we choose something, we have to give up some other things, for we cannot have enough time and money to go through all kinds of options, that is why many people who is not satisfied with the already results always wonder “what if I choose the other alternatives?”
So to reduce the possibility of regret, in other words, to lower the opportunity cost, whenever we make a choice, we need to take as much as factors into consideration (Bastiat, 1848).
However, one thing we have to admit is that if we really do like this, life would be very hard for us, which may be contrary to an efficient life, all we have to do is considering the opportunity cost, rather than other cost like sunk cost, which has already occurred and cannot be recovered, or historical cost, the original monetary value of an economic item (Russell, 2007).
Opportunity cost is the kind that always looks forward, regardless of what and how much you have put already. So even though you have a striking record of investment, it only can act as a proof that substantiates your ability to invest. You still suffer an opportunity cost at the time of your decisions, each of them will be confronted with opportunity cost, the so-called sunk cost or historical cost could work as experience or a lesson. As for the difference between these concepts, I would like to list several examples to discuss.
Firstly, in terms of the difference between sunk cost and historical cost, take the repair of a mobile for an example, my phone breaks down again, the option of fix it again is not linked with the repairing fees of the first time (the sunk cost), although the history of repair may deter me from repairing it and encourage me to buy a new one (if my pocket allows me). Seldom would any one try to persuade me that since you have already spend quite a few money fixing it, you should fix it again, or you will lose the money you had invested. Instead they would try to suggest me that if the second repair could be more favorable to my present situation and worth me a second repair, then fix it, vice verse. For the cost of buying a smart phone with high performance become low due to the development of the science technology. If I can afford to buy one and do not need to use the money for more urgent use, then I can buy a new one. But the more urgent use or other use become the opportunity cost.
On the other hand, due to my wrong judgment, I bought some falling stocks at a high price, which I had expected to make a fortune and cost me almost all the savings I have, but unfortunately, it drops as fast as the a free falling body and even drives me almost mad. When I made up my mind to sell it to get the money for food, if I told the prospective buyers that since it cost me a lot, it was only fair that I got my spending back plus a little profits, it is unlikely for you to sell the stock and what is likely to occur is that the buyer send you to a psychiatric center out of humanity. Market prices are determined by the demands and neglect history./> The story goes for the historic costs, if you receive a Benz as birthday gift from your parents (just an example) and several years later, when you lend it to your friend to drive out, the car ran to a tree because of the muddy road and thus was totally damaged, your friend wouldn't ask you to take it easy, for it was merely a gift, which cost you nothing. If this happens, it may forecasts an end between you two.
Conclusion 结论
So to lead an efficient life, we have to first keep in mind that everything has a cost. Although people welcome the naive point that something is free. We are reluctant to hear about the hidden costs, the opportunity cost. Sometimes we just want to eat our cakes, without being informed of the fact that we missed out a spectacular piece of pie, although this make us happy for the moment, and it is really tiny and we should not make it a mess.
When it comes to some important parts, like choosing whether to study further or go directly for work, which means something to us, we would like to take it seriously and carefully to calculate the opportunity cost of it.
Each day has the constraint of 24 hours and nobody could live an infinite time, we cannot deny this and cannot escape from this (Russell, 2007). How to make the best of our limited time and achieve most therefore becomes the point and in this process, opportunity cost plays a leading role.
For me, calculating the value of the forgone alternatives of each choice and thus make my life as efficient as possible is the philosophy of opportunity cost.
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