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Economics

Opportunity Cost

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Opportunity Cost

I recently had to make a purchasing decision when I went to the mall. I had my mindset on buying a new monitor for a computer build that I want to start on shortly. My idea was first to purchase the monitor for a computer build. However, when I got to the mall, I happened to pass by a shoe shop on my way to the tech shop.

I decided to go in and window shop, and I found that they had a pair of shoes that I wanted to own. I then had to make a decision on whether I was still going to purchase the monitor or buy the shoes that I had dreamt of owning for a long time. I decided to buy the shoes because of several reasons.

The reasons include the fact that the shoes were a lot cheaper than the monitor. The shoes were a finished product when compared to the computer build that I had not started. In the end, I found the purchase of the shoes was worth it because I ended up saving money, which I later repurposed for something else. If I had purchased the monitor, I would have had to compromise on some other things. According to Buchanan (1991), opportunity cost exists when faced with different choices.

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Reference

Buchanan, J. M. (1991). Opportunity cost. In The world of economics (pp. 520-525). Palgrave Macmillan, London.

 

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