Apparently I posted on oppurtnity costs early becase evn thogh it as late, my last post s spposed to be about last week. Not going to lie, I was kind of lost last week, but this time I think I got it.
In sociology 100 today, we discussed health care and the new reforms being planned for it. What strck me most was the way in which people do not seem to be actively considering any opprtnity costs. Oppurtunity costs are accmulative and the more you spend, the more you give pp or sometimes earn. My frustrations with the discssion stemmed from the way in which my classmates insisted on searching for an instant solution to a very deep rooted problem with the American lifestyle. Insurance companies may soon be forced to price competitively and while some people feel this will lower the quality of healthcare, eventually the market will inevitably reach equilibrium and lower proces will mean a larger consumer ase so things will ultimately even out. No one wants to wait. The average person does not consider oppurtunity costs on a daily basis and we sffer on a national level becase people are so focused on the here and now.
I've recently learned about sunk costs in my econ 100 class and it resonated very strongly with me because it dramatically simplified the decision making process. I was going somewhere with this, but I have lost my train of thought.