Economics Told Me To Get the Puppy

Let's define a simple economic concept. It's called opportunity cost and this is what the Encyclopedia of Economics defines it as...

"The value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you cannot spend the money on something else. If your next-best alternative to seeing the movie is reading the book, then the opportunity cost of seeing the movie is the money spent plus the pleasure you forgo by not reading the book."

Now, yesterday my mom and I were discussing my graduation and trying to plan it out. While discussing, she asked me what I wanted for graduation. I blurted out, "iPhone!" without much thought. She agreed, of course, but later while discussing it with my sister she suggested I just ask for money, that way if I had to pay some last minute unplanned bills I would have money. And if I didn't have bills I could end up getting the phone.

But today it hit me. Opportunity cost wants me to get a puppy.

I know, it doesn't make sense but here's my train of thought. If I spend 200ish dollars on a puppy instead of getting the phone then there's my grad present. Now instead of paying 20-60ish dollars each month on a phone, I could really just spend that on puppy food, vet, etc. A puppy would definitely be more engaging than a phone (though some would not agree) and it would last longer than one as well (as long as I don't kill it).

So, using opportunity cost, I should get the item that has the next-highest value and is more valuable. I think the puppy wins. So no phone and yes to the dress!

Now just to convince those I'm living with this summer.... *Hint, Hint*