Question

Select the one concept or theory that you believe will be the most important to you in the future. How will what you learned change the way you solve problems?

Answer 1

The concept that I think will be most important for in my future is the concept of opportunity cost.

Opportunity cost refers to the value foregone in order to select another alternative. We cannot find out the true cost of a decision alternative without considering the opportunity costs. Opportunity cost tells us that cost is not about what we are actually incurring but cost also includes the potential gains we are missing.

The concept of opportunity cost would help us understand the true cost of our alternatives. It will help me consider the costs which are not explicit and obvious rather which are potential gains being missed. Therefore, the opportunity cost would help me comparative different decision alternatives and make the best decisions.