Microeconomics+-+_+-+Class+__+__+discussion unit-+_+-1.docx

Microeconomics+-+_+-+Class+__+__+discussion unit-+_+-1.docx...

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Topic: The Wealth of Nations a. Think of the last two major things you bought. Why did you buy them? What were your opportunity costs in making the purchase? What would have been the opportunity cost, if you had NOT made the purchase? (Not all opportunity costs are measured in money.) My last two major purchases would be a new vehicle and unfortunately funeral services for my oldest son. I purchased a new vehicle in April of 2016 because I had totaled my previous vehicle. And my son died suddenly from an accidental gunshot wound from his younger brother’s handgun that misfired. While neither of these two purchases were made out of a desire but rather out of necessity. In the text Krugman (2015) discusses how opportunity cost is what you must give up in order to get an item you want. In my situation with both my car and the funeral services for my son, money was the given up in order to procure both of these items. Of course, with both situations there were other options, more expensive and less expensive
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