Eric Bejarano, Chapter 1, Question #5

What really interested me in chapter 1 was the concept of "trade offs" (opportunity cost). This theory was explained by using various day to day examples, including: bus fare, getting out of bed, and smoking cigarettes. The idea is that for everything you do, you will be sacrificing something else to obtain it. For example by choosing to take the bus over a taxi you are weighing the costs and benefits of both. Although the taxi may be more expensive it is also generally more convenient. When choosing between the bus and taxi you must choose between your desire to get to your destination in a timely manner or your money. This relates back to the idea that there is no free lunch..ever. Although you may not be the one who is paying for it, someone else is. Further by eating that lunch you are choosing that lunch over the other options that may have been available to you.