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;;Text A Opportunity Cost
Text B Economic Outlook
;Should I go to work today? Should I go to college after high school? Should the government spend money on a new weapon system? These are decisions that are made everyday; but, what is the cost of our decisions? What is the cost of going to work, or not going to work? What is the cost of college, or not going to college? Finally what is the cost of buying that weapon system, or the cost of not buying that weapon? In economics it is called opportunity cost.;Opportunity cost is the cost we pay when we give up something to get something else. There can be many alternatives that we give up to get something else, but the opportunity cost of a decision is the most desirable alternative we give up to get what we want.
Lets look at our examples from above. If you have a job, what do you give up to go to work? There are many possibilities. You could sleep in. If it is a nice day, you could take your dog to the park and play all day. Or, you could even spend the day looking for a better job, right? If you choose to go to work, you give up all of these things. What you get from working is a greater benefit than the cost of giving up these things. But, opportunity cost is the most desirable thing given up, not the aggregate of the things we have given up.;Such necessity arises from the inadequacy of traditional individual mentoring in helping learn conventions of science. One aspect of research ethics concerns researchers professional spirit in the pursuit of ultimate truth, that is to say, good science must be conducted through rigorous, systematic and replicable procedure. In Text B, The Nature of Inquiry, the authors will elaborate on how scientific research distinguishes itself from common-sense knowing, how researchers approach reality differently, and what philosophical assumptions underpin each approach.; Background Information
Pre-reading Questions
Text A Opportunity Cost
Vocabulary
Exercises
;;;V
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