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I need help to understand what my teacher wants from me to fix on my essay. Can someone write my teachers feed back for me in a more simple language. This is my essay;Opportunity cost is a term very well used and important in Economics in general. As defined in the textbook, opportunity cost is the cost of a good or service measured in terms of the forgone opportunity to pursue the best possible alternative activity with the same time or resources. Put simply, opportunity cost is just a reverse point of view. When measuring something in real life, we often look at how that thing will benefit us. For example when going shopping, we look for a piece of clothes that will benefit us in one way or another. It can be bought for fashion purposes, lack of clothing, or just to add a new piece to the collection. Either way, we look at it as a “benefit”. Opportunity cost, however, is the totally opposite way. It looks at what the benefit of NOT purchasing a piece of clothing is. Maybe, with the cost of buying a shirt, you can purchase 3 meals. This is the opportunity cost of the shirt. After calculating cost vs benefit, you just might change your mind about buying that shirt and prefer to have the three meals instead. This is often my mentality and way of thinking. One has to learn to adapt to their stressful environment and get into the mentality of saving more than spending, especially at the stage of being an independent college student, which is what I try to think on a regular basis. One of the strengths of opportunity cost, among many, is that the outcome is more profitable than what you started with. Opportunity cost always weighs the benefit rather than the loss. This demonstrates that opportunity cost can be used whenever figuring out if a business/ idea/ purchase is profitable. On the contrary, opportunity cost can be a little bit harmful in a way. As stated before, opportunity cost looks at the benefit of NOT following through with an idea and why it’s profitable. Going back to my shirt example, this can be harmful because you might want to eat AND ALSO buy that shirt.What do you do in that case? It will cost you twice as much to eat and to buy the shirt at the same time. This is where you have to look at a graph, known as the production possibilities frontier graph, and try to analyze at what point can one do both activities at the same time with more gain than loss. With that being said, opportunity cost is a very important tool to utilize in everyday life, and when used efficiently produces profitable results. Teachers feed back:1. Miniessay is thought-provoking, economical, and witty. Chief limitations remain thereunto, however. First, please be as Conceptually Micro-Specific, using thereby the Concrete Microeconomics language and, especially, transcending rhetoric and vague language with Concrete Examples. For example, one reads: ‘very well used,’ ‘a reverse point of view,’ ‘In one way or the other,’ ‘Maybe,’ ‘more profitable than what you started with,’ ‘harmful in a way,’ and ‘shirt example.’ Second, please Back Up Every Major Concept, like your good one of Opportunity Cost (OC), with Measurable Metrics (Numbers, Data, Statistics).
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