Opportunity Cost From Your Day-To-Day Life

1. Give three examples of opportunity cost from your day-to-day life, and how you made your decision based on opportunity cost. Discuss whether or not these opportunity costs are same or different than monetary costs
- I am trying to lose some weight so I have been trying to be more active. However, there are days that I am very much not active and spend time watching television or being lazy around the house. When not working out, my opportunity cost is losing weight and being healthier. When being active, my opportunity cost is missing out on television shows or finishing a level in a video game, etc. This would not be a monetary cost since it does not involve money.
- When buying a bag of chips from the gas station at $4.50 instead of the same bag at a grocery store for $2.50, my opportunity cost would be $2. This would be a monetary cost since it is measured using money.
-Due to my fiancée’s and my work/school schedules, we have been spending less time together than desired. There are opportunities for overtime on my days off of work which I would be paid time and a half for.
Free trade has its downsides like hurting small businesses and having negative effects on employees such as lower wages and bad benefits. When working with other countries in free trade, it could seem one sided if those country are less technically inclined as we are. However, free trade can also have a positive impact. New jobs can be created, there will be lower prices for consumers, and countries that contribute to free trade can benefit from competitive advantage. Even though some countries may not be able to provide technologically advanced products, they can still contribute with other goods such as clothing, food, and other non-electronic merchandise that other countries may not be able to produce as well. Free trade may have its downsides, but it is a very important part of economic