1. Determining Whether or Not to Use Credit. Survey friends and relatives to determine the process they used in deciding whether or not to use credit to purchase an automobile or a major appliance. What risks and opportunity costs did they consider?
2. Analyzing Opportunity Costs Using Credit. Think about the last three major purchases you made.
a. Did you pay cash? If so, why?
b. If you paid cash, what opportunity costs were associated with the purchase?
c. Did you use credit? If so, why?
d. What were the financial and psychological opportunity costs of using credit?
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