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...
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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;...
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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...
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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...
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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...
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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...
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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,...
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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...
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