Opportunity Costs The Hidden Costs of Everything

YOUR CLARK LINK: https://clarkwp.wpenginepowered.com/landing/social/sprouts_deutschland/?utm_source=instagram&autm_campaign=bc-45-3-x Every day we have to make decisions, be they small ones, like trying a new soap, or big ones, like moving abroad. Each of these decisions has its price. This price is the benefit that we forego if we do not choose the other option. Economists call these advantages "opportunity costs". Although they are often not as obvious and sometimes speculative, the opportunity cost can be enormous, so it makes sense to look into them! SOURCES and teaching aids 🎓 : https://sproutsschools.com/opportunity-cost-the-hidden-costs-of-everything/ VISIT our website : www.sproutsschools.com Here you can vote up your favorite topic or suggest new topics: https://sprouts.featureupvote.com/ THANK YOU to our patrons Andrea Basilio Rava, Angela, Ann Hufstader, Artur, Badrah, Brilliant Minds Learning, C, Cedric.Wang, Daniel Kramer, Denis Kraus, Digital INnov8ors, Esther Chiang, Eva Marie Koblin, Gatsby Dkdc, Ginger, Hal Beltran, I CAN GERMAN AND IT WAS EASY! Jannes Kroon, Jeffrey Cassianna, Joanne Doyle, Johan Klassen, Jonathan Schwarz, Jorge Luis Mejia Velazquez, Juliet Hutchings, L Efre, Liskaya, Marcel, Marco VanGuff, Margaret Grace, María, Marq Short, Mathis Nu, Mezes. Macko, Muhammad Humayun, Nicki, Okan Elibol, Petra, Raymond Fujioka, Reynir Örn Bachmann Guðmundsson, Robert Cook, scripz, Si, Stephen, Stephen Clark, Stefan Gros, Susan Schuster, Tetiana Gerasymova, Tristan Scifo, Victor Paweletz, Wolfgang Vullhorst, Yvonne Clapham and all the others. Thank you! To join them, visit www.patreon.com/sprouts COLLABORATORS Screenplay: Jonas Koblin Illustrator: Pascal Gaggelli Voice: Christian Beppo Peters Coloration: Nalin Arrangements: Peera Lertsukittipongsa Head of the Partnership Program: Selina Bador Production: Morgan Lizop Editing: Susan Sound design: Miguel Ojeda Translation: Gunnar Selm SOUNDTRACKS Cannonball Swing - RimskyMusic In this podcast, Michael Munger from Duke University and Russ Roberts talk about the economics of ticket scaling, gifts, and opportunity costs: https://www.econtalk.org/ticket-scalping-and-opportunity-cost/ More about Sunk Cost: https://en.wikipedia.org/wiki/Sunk_cost What Opportunity Costs Mean for Investors: https://www.investopedia.com/terms/o/opportunitycost.asp https://www.econlib.org/library/Topics/College/opportunitycost.html https://de.wikipedia.org/wiki/Versunkene_Kosten CLASS EXERCISE: Exercise 1: The Costs of Dropping Out of Studies Have your class calculate the opportunity cost of a high school student who is thinking about dropping out of college to help out in the family business instead: The cost of tuition and living expenses is $2,000 per month. It takes a total of 6 years to complete the university. After graduation, the student can work in the medical field for 34 years, earn $10,000 a month and spend $3,000 on living expenses. If the student joins the family business, he or she will earn $3,500 per month for the next 40 years without any living expenses. How high are the costs of dropping out? Exercise 2: The cost of a meal with a friend To better understand the concept of opportunity cost, think about the last time you ate with a friend. Now imagine that in an alternate reality, you didn't go out to eat with that friend, but instead did something else. For both realities, write what you liked in one column and what you didn't like in another column, and compare the two. What you didn't like about eating with your friend, and what you missed out on because you didn't do anything else, are the costs you "paid" for having the opportunity to eat with that friend at that time. Was it worth it? Can you think about the opportunity cost of the following activities? Brushing your teeth Spending time with your family Watch your favorite show Let us know in the comments. Original: "Sprouts Germany" Original: German. All translations in this video have been done by the alugha AI.

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