ECON 101

One of my most dreaded college courses was economics. Even by the end of the semester it still was not my favorite, but I went on to take applied microeconomics as well to prove to myself that I could manage the beast, to me, that is ECON.

One of the best lessons I learned in economics, that I still carry with me today, and I really use in my everyday decision making, is opportunity cost.

Opportunity Cost - First developed by John Stuart Mill. It is the cost related to the next-best choice available. It's also known as the value of the best available alternative. You have to give up something. What you give up is your opportunity cost.

An example: Often times it seems easy to pay for parking on campus. Then I think, if I pay for parking on campus, I just gave up treating myself to a lunch with someone. I always think, if I buy this, what am I giving up that I now wont let myself buy in the future? You have to think beyond the moment you are in. Is what you want in that instant really worth the best thing that has yet to come along?

If you are impulsive, and you start to think like this, you will be impulsive no more!