In my life, I have come across moments when I am faced with opportunity cost.

In order to

explain further, I would like to speak a bit about what the term means.

Opportunity costs represent the potential benefits an individual, investor, or business misses

out on when choosing one alternative over another. The idea of opportunity costs is a major

concept in economics. Investopedia (Dec 2020).

I believe that there are at times in life one makes a big mistake that would have been avoided

if the other option was taken. Thus a wrong decision can course one to regret a big deal.

The opportunity cost that has occurred in my life has to do with the choice of career sector.

After my high school career, I was supposed to study law. But unfortunately, my score in the

literature was not up to the requirement for those aspiring to enter law school. I was

disappointed in myself, because i really want to be a lawyer. At the same time i do not want

to go back to retake the high school exam because of law school while i could enter into

another field with my result. So ignored the law school and had to enter vocational school

because to avoid the shame of repeating, learn good things (manner of conduct etc.), thus, I

did not put into consideration that day I am gonna Carter for myself. Which means I would

have to focus on the career that I love and later I can always go to vocational school.

Lately I knew that the qualification of vocational school is close to nothing for those who

want to work and earn a living.

Although scarcity of finance (having calculated the future) retake the exam necessary and to

go to college, prompted me to take the less complicated option of integrating in a catholic

seminary, in order to sustain my love to study ( also because the church finances the

seminarians).

I would have had more career experiences and a decent Job to make a living and be

independent, if the other seemingly difficult option was taken.

The scarcity of finance to start and continue college to pursue my career scare me out of what

I really want. I was left confused if it was my incompetency to make a good decision that

made me take the step in the first place. Scarcity could make one to make a decision he

would want to follow, but because of condition, one is left with no option, to do something

than not at all. This situation (scarcity) requires people to make decisions about how to

allocate resources efficiently, in order to satisfy basic needs and as many additional wants as

possible. Any resource that has a non-zero cost to consume is scarce to some degree, but what

matters in practice is relative scarcity. Scarcity is also referred to as "paucity." Investopedia

(Dec 2020).

References:

Investopedia (Dec 2020), Business essentials, Opportunity cost,

https://www.investopedia.com/terms/o/opportunitycost.asp