Wednesday, September 19, 2012

Topic 4: Where Choices Lead

A number of very specific choices have led you to be in this particular class in this particular school. Each choice represents not only what was gained, but what was foregone in order to get you here. What was forgone is defined as the opportunity cost of what was gained. In your opinion, what have been some of the opportunity costs of getting you into PAS in general and this class in particular? Keep in mind that money is only one kind of cost--there are many more things that make up opportunity cost, both tangible and intangible. Considering that you most likely had little control over many of the decisions that got you here, do you think the decisions that were made were rational? In other words, if you analyze the costs and benefits, do the benefits outweigh the costs? Why or why not? If you had been in total control of your life, would you have made the same decisions? Explain.

  • Some of the opportunity costs of getting myself into PAS in general include me giving up the choice of other schools (which may or may not be local schools), the money that was spent so that I can enroll in this school, and the time that I must give up in order to go to PAS (this one can also apply to when I go to other schools). Some of the opportunity costs of getting myself into AP Microeconomics class may be other classes that I could have taken, or the time that I have to spent to go to this class (I could be doing my work in a study hall period).
  • I believe that the decisions I made were rational, because these decisions are the best in my opinion and preference. Coming to PAS, though it's very expensive, will be able to help me get into a good college and help my future better. The benefits exceed the cost because I will be able to earn the money spent back if I have a higher degree of education. Taking AP Microeconomics is also a rational choice because even though I must give up another class, this subject is the one that will mostly likely help me the most in the future, both in college and in the work environment. If I had been in total control of my life, I would most likely make the same decisions; I will make the decision to come to PAS because it opens up opportunities, and taking AP Microeconomics was my own choice in the first place.

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