Opportunity costs The first opportunity cost that I made was choosing to enroll in a university that offers online courses or going to a traditional university that only has classroom style learning. The pros of attending online for me included not having to commute back and forth 40 additional miles per day‚ not having to hire a babysitter for my child‚ and I’d be in the comfort of my own home or environment to my liking when I studied. The cons included‚ not having that social connection to my
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Risks can be done in hopes of a good outcome but with the chance of a bad one. When it comes to wealth‚ there are many people take the chances just for the opportunity of getting money. That’s what happened in the gold rush in the year 1848 once word got around about gold‚ many men went out and left their families to try to help them financially‚ yet some never returned. Maybe it was the greed inside them‚ how would their families know if something bad happened to them? There was no way in knowing
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resources is one of the more basic concepts of economics. Scarcity needs trade-offs‚ and trade-offs result in an opportunity cost. While the cost of a good or service often is thought of in monetary terms‚ the opportunity cost of a decision is based on what must be given up as a result of the decision. Any decision that involves a choice between two or more options has an opportunity cost. Opportunity cost‚ scarcity and trade-off are important in our daily life because it affects us every day in different
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In microeconomic theory‚ the opportunity cost of a choice is the value of the best alternative forgone‚ in a situation in which a choice needs to be made between several mutually exclusive alternatives given limited resources. Assuming the best choice is made‚ it is the "cost" incurred by not enjoying the benefit that would be had by taking the second best choice available.[1] The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative
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Apa sih opportunity cost? Untuk yang pernah belajar ekonomi pasti kenal baik dengan istilah ini‚ tapi buat yang lain‚ opportunity cost is : "...the cost of something in terms of an opportunity foregone (and the benefits that could be received from that opportunity)‚ or the most valuable foregone alternative." (Dictionary.LaborLawTalk.com) Kalau diterjemahkan adalah suatu biaya dari hilangnya suatu kesempatan dalam menggunakan sumber daya tertentu. Kalau kita melihat waktu sebagai sumber daya
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one employee‚ Sue opens up her paycheck she finds she has not yet received a raise; she has waited all year for this raise. She is very sad to find she did not receive one‚ she begins to think maybe she did something wrong. She starts to think back through the year‚ and can not seem to come up with any solutions as to why she did not receive one. She really felt she worked especially hard that year in hopes to receive a good raise and really felt she deserved to be recognized for it. In the break room
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Everyday‚ we live life as if we are safe from danger. However‚ disaster is always waiting around the corner and can strike us when we least expect it. Although such disasters can be catastrophic and hard to recover from‚ they are also beacons of opportunity because such disasters can keep us alert and aware of other possible similar events‚ and such disasters can also help us prevent or mitigate damage caused by future disasters. Once very tragic crisis shocked the whole world‚ yet it also brought
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Equal Pay Act There are many laws and regulations that govern how the American work force is compensated. In most cases‚ the laws are set forth to protect the employee against unfair compensation practices. Many of the issues Americans face today are the same issues that existed many years ago. Issues involving labor relations‚ unions‚ and men versus women are many of the same issues we face today involving compensation. The Equal Pay Act is on of great interest to me as it covers compensation
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Explain the concept of an equal society In an equal society everyone would be accepted‚ they would all have their own personality and would be free to express it in whichever way they want to and everyone would have the same benefits and services offered to them within society but that’s only If we had an equal society. In the world we live in there are many different problems that we face. In the UK we have many differences such as wealth‚ prosperity and life chances of an individual‚ despite the
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Lush “Happy people making happy soap” EXECUTIVE SUMMARY Lush Marketing Plan Page 1 I. Situation Analysis Lush Products and Services: Creators of Lush have been working together to craft their handmade cosmetics since the 1970’s‚ but not under the name Lush. Luckily in 1994 the company was able to recreate itself and reopened its doors as Lush Inc. Their headquarters are in Poole‚ England where they really changed the bathing world by introducing the public to new bath products
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