I am sitting here listening to the podcast and writing my blog because the opportunity cost of listening to the podcast by itself is a half of hour studying for a quiz tomorrow and also whatever I could be doing during the time I write his blog. The idea of opportunity cost is an every day occurrence and by thinking like an economist I can try to make more informed decisions.
Being a big time sports fan, I have never thought about the opportunity cost of buying a scalped ticket, or what I am giving up by attending a live sporting event for that matter. One would be watching the game on a TV and avoiding the cold and obnoxious opposing fans, i.e. Iowa and Ohio State fans. Russ Roberts take on Duke basketball tickets was really funny in how the profs asked for raises, yet wouldn't sell their tickets for 10 or even 2,450 dollars more then face value. You could darn well bet that my tickets would be on eBay for 2,500 dollars.
I think students myself included seldom think about the true opportunity cost of college. The jobs and things we could be doing during this time as well as the sum of money we pay to get educated. There are certainly some days where I wish I could go and work rather then take a test but in the long run it simply isn't worth it.
As I sit here and struggle to make this more then just a few short paragraphs I realize that I am sacrificing time on other homework. So I will exercise my opportunity cost right and get to studying!