A Discussion on Comparing Opportunity Costs Upon Decision Making
When making decisions in personal and professional lives, one must identify and compare opportunity costs. When comparing options, it is important to analyze every cost and other opportunities that one must give up. Choosing between taking an absence from work, moving out of town and pursuing a MBA degree full time or maintaining one’s current job while enrolled in a local MBA program has many opportunity costs for each. Focusing first on taking an absence from work, moving out of town and pursuing a MBA degree full time, there are many hidden costs. By taking an absence from work, one must adjust to saving money and taking time to find a part time job in a new town. If the individual earned an average of twenty dollars an hour, and eight hundred a week, they have to identify the cost of living in the new area and live within the means to pay the bills. Looking for a part time job requires a great deal of time and money as well. Taking the time to search for possible jobs on the Internet, newspapers, and also using gasoline to drive to interviews is a cost that one wouldn’t normally consider. Moving out of town requires the selling of one’s current house and buying or renting a new place with deposits and downpayments. Also, hiring movers, or renting trucks for moving day is very expensive. Since gas prices are constantly increasing, relocating costs are very high and time consuming.
Although beginning a new education program is exciting it is very expensive. Average classes are approximately fourteen hundred dollars not including books. Since this will be a new town, this individual will have to pay out of state educational fees. Also, since he/she does not have a full-time job, there is no opportunity for educational assistance through work. Some companies offer one hundred percent reimbursement, and others offer certain percentages based on the grade earned. However, since this individual will be attending full-time, they will earn their degree in two years as opposed to three or four while attending part-time. This will ensure a bigger pay-off in a shorter amount of time.
The second option of maintaining one’s job while enrolled in a local university also has opportunity costs that need addressed. Keeping a full-time job will ensure the same income level and they won’t have to spend time and money searching for a new job. Relocation costs are expensive and my attending a local university he/she will save money on gas and out-of-state education fees. Also, the corporation may offer educational assistance to help pay for the credits earned. By attending a local university and maintaining the current job, this individual will not have to adjust being away from friends and family. However, this individual will have to attend the program longer since it will not be full-time. This payoff will happen at a later time, but the costs saved up front are much cheaper and more convenient for daily living.
Although many of the costs and time constraints are similar, the second option of maintaining the full-time job and attending a local university seems like a more logical choice for myself. Either way, one has to pay for the gas to attend school, application fees, take the time to study and meet with groups, and pay for some of the education costs. Depending on the person and the lifestyle they lead and values they desire, these options both have a positive outcome.
Orgon was so taken in by Tartuffe that he put aside his feelings for his family because he wanted to be under Tartuffe’s tutelage. He believed that Tartuffe was a soulful, humbled man. The family though is unable to see the great influence of Tartuffe and thinks of him as nothing but a con-artist. They are unable to persuade Orgon otherwise. Dorine states in Act 1, Scene 1 “You see him as a saint. I’m far less awed; In fact,...
The idea of Economics is present everywhere in our society. Through our lives, the things around us directly relate to our economy. Music is one of the many areas that play a large role in our lives. For me, the song “Opportunity Cost” by G-Eazy is solely about economics and the way that we need to learn how to balance our everyday lives. The first three lines go like this: “Everything costs something bro, when it’s somewhere… somewhere else you...
After having gone through the two weekly readings, I have gained a basic level of familiarity with the fundamental concepts and terms introduced in the readings. Based on my understanding, I have selected two topics – one each from the two weeks – wealth generation and opportunity costs, which I think are important concepts in managerial economics. I will be discussing them separately. First, I would like to discuss Wealth Generation. Wealth Generation: Wealth can be defined as a measure...
Economic is the knowledge of how humans making choices in the face of scarcity. We are living in a world that resources are limited and the need of the people are unlimited, the economists are looking for an easy way to allotted sources by opportunity cost. The concept of opportunity cost most of the time use in business for analyzing the existing sources. Sometimes in scarcity of resources we are making a decision instead of another one, it is the...
Opportunity cost is the fee of something while a specific path of action is chosen. Opportunity fee is the fee of the next pleasant alternative foregone. If a person starts a brand new business by giving up his earnings of $30,000 according to month then $30,000 might be the opportunity value of starting a new enterprise. Simply positioned the possibility price is what you need to forego so one can get something. The gain or cost that turned into given...
Before taking the macro economics class and completing the four graded discussions I didn’t know much about what opportunity cost mean. Now as we headed to the end of the term and studied the topic I have learned a lot and know much more about what opportunity cost mean and how it works. If someone asked me just a little more than a month ago “what does opportunity cost mean?” than I would probably have an answer similar to that;...
Every day we are faced with the obstacle of making choices that range from what delicious recipe to make to what career path would be the best for my future. Each choice that we make has an opportunity cost and either takes an economic toll on us or reaps a reward. Our lives are constantly influenced by economic trends such as inflation, interest rates and economic growth. Some things we may have little control over and can tremendously change our...
Philosophy The fundamental aim of education is to grow an individual intellectually, personally, socially, and spiritually. Four conditions are necessary for this development to occur – intellectual honesty, reasoned discourse, and openness to all forms of constructive change and most importantly, respect for the rights and freedoms of others. This code of conduct is designed to provide such an enabling environment for learning to take place. The standards expected from students that join Immaculata University are outlined in this code...
1910s The 1910s saw changes to the women’s dress silhouette, with narrow waists and corsets giving a slim and straight silhouette. Big hats were also popular. At the beginning of the decade, Orientalism was also on the rise, with draped fabrics and vibrant colours becoming popular. Only the most daring women adopted this style however as it really pushed fashion norms at the time, few would be seen wearing the harem trouser style developed in 1911. With WW1 beginning in...
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