Sinking Cost Effect On Life - 1260 Words

1. Please EXPLAIN the concept of sunk cost effect and give a personal example from your experiences. The sunk cost effect is when you feel like you have to get your money’s worth no matter the circumstance or negative outcomes is. The decision is based on future costs and benefits alone. It is an investment that has already been made and cannot be recovered. Therefore, it is the hard money we made and paid for to risk the chances of enjoying it or not. I paid $350 to go on a family reunion in Norfolk, Virginia. When we got on the bus early that morning, and fell all sleep quickly as we began to ride. Our first stop at the convenient store turned into a disaster. We found out that the AC on the bus was not working, and was forced to stay†¦show more content†¦A great example would be books. We read website and blog’s and they advertise book’s stating that it gives detail’s about how to make fast money and even retire in your 30’s. Therefore, convincing us to buy the books just to purchase them and tells us thing’s we already know. When we go to the book store we notice a new book saying 100 ways to make a fortune within a month. Since we already paid for the other book, we are easily convinced that may this could be the right book that actually gives us real ways to become rich. So then we buy it and still feel like the information is not enough. We go back to the bookstore and look again. Since we already lost a lot of money in the other book’s we are hoping that eventually we will find that right book with authentic information to finally know how to make a fortune. 3. Watch a ‘news entertainment’ show on cable or via the internet for 30 minutes. Pay attention to the guest experts that appear. Classify/identify one of the guests as either a fox or a hedgehog, giving details from their interview that support your classification. There was a short clip of Trump supporter Vicki Sciolaro and CNN news anchor Brooke Baldwin speaking about Trump’s â€Å"locker room talk.† In the interview, news anchor Baldwin asked Sciolaro about how she felt about what Trump said in the video. Sciolaro felt as if it was offensive, but irrelevant since itShow MoreRelatedThe Environmental Problem Of Oil Spill1393 Words   |  6 Pagesarouses in a marine environment or in the water bodies, has grown into an alarming scale with the increase in oil production and transportation. Causes are either accidental or due to operational failure. Henceforth, it is almost impossible for marine life not to be a victim of this vulnerable zone. Our planet has the largest oil reserves, occasionally it cracks and rarely causes a major accident. However, human interference causes a devastating damage to marine and ecosystem. Introduction Oil isRead MoreGlobal Warming and the Ocean1261 Words   |  5 Pagesgreenhouse effect. 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