So apparently the world continues on no matter how big the tumor in my dad’s brain is, and so this weekend I was back at school for the third of three pre-core courses. This time, it was economics. Economics, according to our good friends at Wikipedia, is “the social science that analyzes the production, distribution, and consumption of goods and services.” I had to look that up, which shows you how much I knew about economics before this weekend. But now I’ve done the 20.5 hours of pre-core, so I know all there is to know!
Some random stuff I learned this weekend:
- Opportunity cost represents the value of what you gave up to do something – specifically, the “what you gave up” is the next best alternative (as you could probably identify many possible alternatives). For example, if you buy a coffee for $4, the opportunity cost of buying that coffee is whatever the next best alternative use of that $4 would be – like, buying half a beer (assuming that beer costs $8). If you pay $40,000 for tuition for an MBA program, the opportunity cost would be whatever the next best alternative use of that $40K is – namely, buying 5,000 beers1.
- The Law of Demand says that, all other things being equal, when price of a good/service goes up, demand goes down.
- I’m sure I learned a bunch of other stuff, but my brain is too tired to remember any of it!
In related news, here’s a photo of my “to do” list of all the things I need to do before school officially starts on Thursday: