A time in life when i had an opportunity cost was when I had to make a quick decision to purchase an item. At the time I was saving for my car and it was up in the air if I would be able to have enough money in the end to pay it off. The reason this came up was when I was browsing on the internet and I noticed that my favorite band, Atmosphere, was coming to Portland. I then had to make the last minute decision to either purchase the tickets for me and my friend to go to the concert and risk the fact that I could pay off my car, or I could play it the safe way and make sure that I saved the money so that when my car payment was payed off I would still have enough money, and maybe even some extra.
Well, because I have never been to a concert, and it just happened to be that they were coming around the same time my car had to be payed off I made the impulsive decision to buy the tickets. The reason I did this was because there was only 22 tickets left and I felt as if I didn't have enough time to "think" about the situation. There for my opportunity cost was that I could purchase the tickets and risk the fact that I may not have enough money in the end for my car because I didn't put it in my savings, OR I could have saved the money in my bank account and know that I won't be 100 plus dollars short in the end. My question would have been, what if I didn't make the decision to buy the tickets and decided to save the money? Would my opportunity cost change? Or would I have regret the decision in the end?
No comments:
Post a Comment