Keyword: opportunity cost
A Matter of Opportunities (7/7/2006)
The lack of alternative opportunities reduces the cost or enhances the attraction of a given action. On the other hand, the abundance of alternative opportunities increases the cost or reduces the attraction of a given action.
Baby Dilemma (9/1/2005)
Low fertility among educated women threatens to lower the supply of high-skilled workers.
Condom Economics (3/7/2007)
The externality and time horizon of costs and benefits bedevil college distribution of condoms.
Gaining Through Comparative Advantage - recording transcript (1/16/2012)
Partial or complete specialization according to comparative advantage is a win-win strategy to increase total output, even though one party might enjoy absolute advantage over another party.
Gaining from Comparative Advantage (8/9/2011)
Production through partial or complete specialization can increase total output and with trade total consumption can also be increased
My Prom Dates (11/2/2011)
Opportunity cost is the best available opportunity you need to give up for a given choice.
Picket Line for Rent (8/20/2009)
Outsourcing the picket line makes economic sense but might dilute the moral force of the protest.
Price Gouging - Historical vs Opportunity Cost cartoon (10/8/2017)
Pricing at opportunity cost rather than historical cost can solve market shortages. In other words, "price gouging" can be an unsung hero.
Price Gouging? - Historical Cost vs Opportunity Cost cartoon (4/12/2013)
Pricing at opportunity cost rather than historical cost can solve market shortages. In other words, "price gouging" can be an unsung hero.
The Wedding Party Dilemma- To Go or Not to Go? (1/29/2014)
The cost and benefit of human relationships cannot always be measured in dollars and cents.
Time Rich or Time Poor? (11/9/2001)
Proliferation of e-government services may exacerbate the digital divide between technology haves and have-nots.
To Stand or Not to Stand? (10/24/2001)
Charging a time fee for using restrooms may reduce congestion by discouraging overuse.
Who Has Comparative Advantage? - recording transcript (1/16/2012)
The different relative slopes of the production functions graphically illustrate the different relative costs of producing grapes and nuts between the two workers.
Why Do Immigrants Own Inner-City Stores? (8/30/2001)
Inner city stores attract immigrant owners who are risk takers and have lower opportunity costs of alternative employment.
Windfall Profit (9/7/2005)
Unexpected market gain resulting from uncontrolled circumstances might serve as incentives to correctly allocate scarce resources.