This is one of the fundamental tenets of Economics, but which can be found in everyday life all the time.
Read MoreThe technology-related cost of going to school
According to an article in the Daily Telegraph, it now costs £550 for child to go to school, compared with around £230 in the 1960s and £250 in the 1980s. This is because of the number of gadgets included in the pupil’s school bag, compared to earlier times. The article says:
What a ridiculous, non-news article!Today, while the cost of lunchboxes, calculators, and pencil cases have come down, the rise in demand for technology means parents face having to find a small fortune for the Back to School rush.
M is for … Marginal Cost
Marginal Cost, like Opportunity Cost, is a concept used in Economics. It’s so useful, I’m surprised it isn’t used more often, or at least more explicitly, in general. It definitely comes into its own in the world of ICT or education technology.
Read MoreO is for … opportunity cost
Opportunity Cost is a key concept in Economics, and is tremendously useful outside that discipline. It is especially pertinent in the sphere of education technology. It is defined as: the next best alternative foregone.
Unlike the more familiar idea of financial cost, opportunity cost can change its value according to both contextual and subjective factors.<