The Discipline of Psychology There are three important concepts to remember when defining psychology: science, behavior and mental processes. When defining psychology for a friend I would first simply just give him/her the standard book definition, which is the scientific study of behavior and mental processes. But, psychology can be defined in many different ways. Another definition of psychology could be the scientific study of the human mind and its functions such as those affecting behavior
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The opportunity cost of reaching $50 for your birthday and spending it on new wallpaper for your room is: not having money anymore but having wallpaper. Opportunity cost is defined as what you are giving up to gain something else. In opportunity cost, you are always making a decision out of possible alternatives.
