by Nicole Pegg (Spring 2011, sect. 01)
I know that I never actually thought that a relationship cost anything, because people never really associate a cost with being in an intimate relationship, especially opportunity cost. First of all, opportunity cost is defined as the cost related to the next-best choice available. When people talk about the cost of a relationship the first thing they probably think of is accounting costs. For example, they probably think about the cost of going out on dates, buying each other things, or just spending money on various things. But what people do not consider is the opportunity costs that come along with being in a relationship.
There are many opportunity costs that couples encounter while being in a relationship; whether it is a few months, a few years, or a life time that they spend together. Some opportunity costs that people in relationship encounter are giving up time with their family and friends to spend time with their significant other. I, myself, have been in a relationship with my boyfriend for 2 years now, so I know first-hand some of the opportunity costs that come along with being in a relationship. For example, my boyfriend is a year older than I am, so during my senior year I did not go out as much as my friends did to parties or other social events. He was away at college so I did not want to do anything that would upset him or to put additional stress on the already stressful situation. Also, during that time my boyfriend gave up going to parties since I was there with him. People do not participate in various activities while they are in a relationship. Some of the activities they give up are exercising, work, or meeting new people. They give up these activities in order to spend time with his or her partner. When people are in a relationship, they are not as open to meeting new people compared to someone who is single. Therefore, they give up expanding their social life. There are many others things that could couples give up while being in a relationship.
While being in a relationship, people have to decide whether or not to stay in the relationship based on benefits versus costs. Let me first start off by explaining what I mean when I say “cost” and “benefits.” According to Wikipedia, in economics a cost is an alternative that is given up as a result of a decision. A benefit is something that promotes well-being or a useful aid. If cost out ways the benefits of the relationship, it is wise to either end the relationship or make changes so that the benefit is greater than the cost. On the other hand, if benefit out weights the cost associated with the relationship, it is a good indicator that the relationship should continue and will be successful. Most couples usually do not take into account what their relationship really costs.
So whether you are currently in a relationship or for future relationships, always consider what it is really costing you to be in that relationship. Never think that something is free, because there is always a cost, whether it is money, time, or anything else. When you make one decision you always give up doing something else.
(http://en.wikipedia.org/wiki/Cost)
(http://www.thefreedictionary.com/benefit)
(http://en.wikipedia.org/wiki/Opportunity_cost)
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7 comments:
This blog sparked my interest; specifically the opportunity aspect of relationships. Among some of the costs of relationships are being less inclined to meeting new people and being less open to new things/adventures. Certainly while these are not healthy tendencies, being in a relationship does have many benefits as well. Personally, I have not let my relationships come between my friends and me, but some of my friends’ relationships with their girlfriends have caused distance in relation to our friendship. In terms of dating, I think Marginal Cost Benefit Analysis (MCBA) can be applied. As we know, MC should equal MB. For instance, if I applied MCBA to how much time I should spend with a girlfriend, from an economic standpoint, I should hang out with her as long as the benefit outweighs the cost; until MB=MC.
-Ryan Slaby
This blog is the *ISH*! I have been in a relationship with my girlfriend now for two years starting tomorrow. I had to give up so much to benfit her in ways. Sometimes i ask myself is it even worth it? I don't get to see my mom, my brothers or my grandfather as often because of her.
Rhasshan Dunn
This blog entry also sparked my interest because of the title and after reading, it opened my eyes to a situation I feel most people are age are faced with. Weighing the cost and benefits of a relationship is something that I think a lot of people, should do, especially our age. I have seen many of my friends, but their relationships before school, their friends and families. I think for people in their late teens and early twenties, the benefits of a relationship are the only part examined, when in reality, they do not realize how much their relationship could cost them. Some of these things being, meeting new people, time studying and getting good grade like the author mentioned. I agree that the MC and MB is a good weigh to examine if your relationship is healthy for both you and your partner, if the benefits are outweighing the costs. In addition to if it is a good decision based upon where you are in your life at this time.
- Amanda Kurtz
While learning about marginal cost (MC), marginal benefit (MB), and marginal cost benefit analysis (MCBA) in class I found this specific example particularly interesting as well. It is people’s first reaction to think of monetary costs when it comes to making any decision. Being in a relationship is no different. While there are monetary costs associated with being in a relationship the opportunity costs are frequently overlooked and should not be. Looking at a relationship from an economic standpoint the way to keep a happy and healthy balanced pairing is to utilize MCBA and making sure that MB=MC, otherwise someone is getting the short end of the straw.
I would agree with you. Relationships are not free, whether your spending time or money. I guess you just have to ask yourself if it is worth it.
I agree with you. Relationships cost either time or money. You just have to ask yourself if it is worth the cost.
This term rational self-interest can also be applied to this scenerio. In regards to rational self-interest, a person will pick the option that benefits him or her the most. You decided not to go out to parties because you felt that your relationship was more important to you. You can also apply this term. Also, the word "externalities" can be used. These are external costs or benefits associated with a choice that is made. Your external cost could be not going to the party with your friends.
- Caitlin Koceski
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