Opportunity Cost – Economics

 The impact of opportunity cost

Description: The concept of opportunity cost is relevant to our daily lives. Whenever we make a decision, we have to consider what we are giving up or what would we have decided to do instead. You will now be able to articulate your own thoughts and ideas about opportunity cost. Since you decided to enroll in this course (or program), you have given up something else (earn wages, spend time with family/friends etc..),  you will reflect on your decision using the concept of opportunity cost. What costs and benefits have you considered? What have you learned? What new insights have you gained from this concept?

 

Technical Requirement:

  • Pages: minimum 1 page, maximum 2 pages 
  • Font: Times New Roman size 11
  • APA format or HBS for references
  • Minimum of 2 references

 

Guiding Questions

Objective questions:

  • What have you learned about opportunity cost?

Reflective questions:

  • Did you consciously use the concept of opportunity cost before you enrolled in this course or program? What was your thought process like? What costs and benefits have you considered? How did you end up making that decision?

Interpretive questions:

  • What new insights do you now have? Has your decision to enroll in a course or program changed?

Decisional questions:

  • How will you apply the concept of opportunity cost in making future decisions?

Grading Rubric

 

 

      Level of Mastery

 

 

 

Criteria

Poor

 

 

Satisfactory

 

 

Good

 

Superior

 

Journal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          0 – 30 points  

35 – 50 points

          55 – 65 points

70 points

                 /70

The journal does not demonstrate a good understanding of the concept of opportunity cost. Only some of the 4 questions are addressed with no connection to prior readings and group activities. Lack of substance is evident. 

The journal demonstrates a decent understanding of the concept of opportunity cost with low levels of critical thinking. Some connection exists with prior activities. All four questions are addressed to some extent and may or may not be evidence based.

 

The journal demonstrates a good understanding

of the concept of opportunity cost with some levels of critical thinking.  Connections are made with prior readings and group activities. All four questions are addressed with few examples and are evidence based.

The journal demonstrates a solid and very comprehensive understanding of the concept of opportunity cost with high levels of critical thinking and applications from discussion activities and prior readings. All four questions are well articulated with clear examples and are all evidence based.

Organization and layout

0 – 5 points

7.5 – 10 point

12.5 – 17.5 points

 

20 points

                /20

The paper is very disorganized with major layout issues

The paper is somewhat organized with major layout issues

The paper is organized with minor layout issues 

The paper is very well organized and has a professional look and feel

Writing skills

0 point

2.5 – 0.5 points

7.5 points

10 point

 

                 /10

Poor writing standards with frequent spelling, grammatical and punctuation mistakes.

 

Technical requirements are not met

 

 

Average writing standards with some spelling, grammatical and punctuation mistakes

 

Some technical requirements are no met

 

Above writing standards with few spelling, grammatical and punctuation mistakes

 

 

Most technical requirements are met

Writing meet required standards with no spelling, grammatical and punctuation mistakes

 

 

 

All technical requirements are met

 

 

 

 

 

 

 

 

TOTAL POINTS

 

               /100

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