MONEY OR LIFE?

About a month ago, my friend, Enver told me he earned cash day trading on cryptocurrencies. I became curious and asked him how much he earned. He earned about 100 dollars in total trading from 6:00 am to 5:00 pm, non-stop.

Working that much and gaining some bucks sitting  11 hours in front of the computer is really an earning?  No.

This is why I should be writing about the most fundamental theory of economics, the opportunity cost.

(photo of opportunity, google)

Individual first

The concept that created all microeconomics then developed to higher grounds and formulated macroeconomics is about the be written.

What does opportunity cost mean?

Opportunity cost is the value of what you lose when choosing between two or more choices. After you choose, you are feeling that the choice you’ve made will have way better results for you in any case of what you lose by making it.

As an investor, an opportunity taken a toll implies that your speculative choices will always have quick and future misfortune or gain. On a fundamental level, usually a common-sense concept that financial specialists and investors like to investigate.

Common sense has a huge role in social sciences. All evidence states that humans are irrational but economists tend to believe otherwise.

People are rational, motivated by their logical actions (A classical economist). 

However, opportunity cost comes as an undivulged subject to talk about the most rational choice. This theory consists of one element, the selfishness of mankind.

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Examples

• Zekeriya farmer choosing to plant corn, the opportunity cost would be any other crop he may have planted, like cucumber or tomato.
• When İnci graduated high school, she has chosen to go to college. The opportunity cost of getting to college is the salary she gave up working full time for a long time she was in college.
• Enver doing day trading to earn 100 bucks has the opportunity cost of having a breath of fresh air and having a life.
• A soldier to die from jumping on a bomb to save his comrade has the opportunity cost of his life.

What would Marx say?

Adam Smith, mostly acknowledged as the father of capitalism is one of the first people to study mankind’s selfish behavior. Instead of Marx, he believed in self-centered individuals. On the other hand, Marx believed in collective help-based individuals.

We can clearly see which one of their perspectives are working for today. Click here to see what will Marx experience if he was in the 2021 free-market economic system.

Thank you for reading my content.

SOURCES

Opportunity Cost Examples. Example Articles & Resources. (n.d.). https://examples.yourdictionary.com/opportunity-cost-examples.html.