The content of this video is to introduce the most important concept in economics. The topic of this video is opportunity cost. Opportunity cost is the value of the next best alternative given up. In this video, Paul Solman shows that everyone has an opportunity cost. We have different situations that create an opportunity cost. Ben Franklin's version of opportunity cost iwas, time is money. His example of opportunity cost was of a young tradesman choosing to only work half a day and earn 5 shillings, and not 10 shillings for a whole day.



The favorite activity that I place on a high dollar value on is my personal time. My personal time is placed on a higher dollar value because I cherish my down time. By me working full time overnight, it pltaykes a toll on me. I do not get a lot of down time on weekdays. My personal down time is priceless. My opportunity cost of taking this class is not going to the movies on weekends with my family because I have assignments to complete and study.