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 ways and
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Cost Cutting Tips Most of us spend more than we need to for a lot of things. If you really can afford luxuries such as gourmet teas or designer clothing and still save for your future‚ you’re lucky. However‚ if you’re struggling to meet the financial goals you’ve set on your retirement roadmap‚ it’s time to look for ways to cut expenses—daily‚ monthly‚ and long-term. Start by seeing if you’d benefit from either of these big cost-cutting strategies: •If you’re paying high interest on a mortgage
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Online Travel Industry Internet travel bookings have been very prosperous these past couple of years. During the first three months of 2005‚ Internet travel bookings grew about 20 percent in the United States from the year earlier. Companies like Expedia‚ Travelocity‚ and Orbitz are putting more emphasis on selling to corporations and expanding in foreign markets. Travel has become one of the Web’s most developed categories. According to comScore‚ "online leisure travel bookings reached about
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place. For most families‚ a vacation is an American tradition; however‚ people should plan accordingly when thinking about conveniences. Domestic travel offers advantages in cost‚ language‚ and special medical care that are usually inconvenient when traveling internationally. Flying to popular locations such as New York for two weeks will cost from $400-$600 per person. The mother tongue of America is English‚ so for people who rely on this language to get around more easily will never have
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all of you said that you planned to travel someday. So‚ why not do it sooner than later? One of the reasons for not traveling that many of you put is not having time because of school or work. Also‚ one of your major concerns is budgeting. Between budgets and busy schedules‚ it is not always easy to set aside time and plan a getaway. PROPOSITON Getting away‚ even for a short period‚ can do wonders for your well being‚ so you really cannot afford to not travel. BODY (TRANSITION: First‚ I will
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and pollution. 4. acorvid says: July 28th‚ 2009 at 2:38 pm Wouldn’t this also help economies by tending to boost spending in recreation and hospitality industries: another day to play‚ a longer weekend resulting more destination travel‚ etc.? 5. charlequin says: July 28th‚ 2009 at 2:40 pm Or you could have a shorter work week by cutting Friday or Monday from the schedule and not replacing them in the earlier days‚ which would put us more in line with more civilized
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Analysis of Costs Costs affect input choices‚ investment decisions‚ and even the decision of whether to stay in business. A. Economics analysis of costs 1. Total cost: fixed and variable (1) Total cost represents the lowest total dollar expense needed to produce each level of output q. TC rises as q rises. (2) Fixed cost represents the total dollar expense that is paid out even when no output is produced. FC is unaffected by any variation in the quantity of output. (3) Variable cost represents
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Travel in the young is g part of education‚ in the elder a part of experience. Life is real‚ life is practical‚ but much of what a man learns from books is theoretical. Therefore‚ he is required to have practical knowledge of men and things in order to equip himself for the struggle of life. This practical knowledge is gathered from the first hand knowledge of the outside world. We learn by pergonal observation much more than what we learn from books. Real life does not always move according to the
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BTEC National Certificate in Travel and Tourism Level 3 The Business of Travel and Tourism Task 1 P1 Describe the travel and tourism business environment‚ providing examples of organisations. Submission date: 11th October 2010 Business in Travel and Tourism is important in the industry; it also includes a wide range of different events and services. For this task‚ we would be looking at different organisations such as the public sector‚ private sector and the geographical importance
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International Travel in High School International travel can bring new images and it can be a whole new world. Different parts of the world have different things to offer. They give new opportunities and can expand your inner personality. High school students should take advantage of international travel because they are lucky they get the opportunity to go out with teachers and friends to learn new things. High school students can definitely benefit from international travel because
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