Introduction To Opportunity Cost Commerce Essay

Introduction To Opportunity Cost Commerce Essay It is a very powerful concept when someone has to make a decision to select a particular product or making a choice. In simple words, opportunity cost means choosing or making a best decision from different option. When one has to make a decision in between various actions to select only one particular work at a time is called opportunity cost. Example: From a economist point of view when a kid has to make a decision to choose between ice cream and chocolate at a time. When the kid has got a limited pocket money of $10 only and ice cream cost is $8 whereas chocolate cost is $15. So, the kid will have to select ice cream only as the kid has only limited cash in hand. It is also an example of scarcity too. In this example, there is scarcity of money. NEEDS AND WANTS According to Macpherson (1977, p.27) defines needs and wants as The problem of needs and wants is both an ontological and a historical problem. NEEDS The basic requirement to satisfy human beings desire is included in needs. Needs are a basic necessity which are used in daily life like food, water, clothing, medicine, shelter etc. A mans survival is dependent on these needs only on the primary stage. In a modern society the basic needs keeps on changing according to the society standards. In case of modern society the basic needs of a man may differ from clothing to electricity, food to running water, shelter to furniture, medicine to electronic items etc. After talking about primary needs, secondary needs is the another topic which are needed to be explained. In case of secondary needs the necessity can be regarded as luxury. Like an automobile is a necessity in The United States. As the country grows to progress and development, the luxury too gets into necessity item for the people. At earlier stage cars could be only affordable by rich people. But at present, many of the middle level income people are also willing to afford it. Growth in a countries economy helps one to go beyond his or her limits. WANTS Wants include needs but it goes beyond that. Before we get deep into wants, we should understand the gap between needs and wants. According to Heibroner (1962, p.135) makes the statement that Consumer demand is no longer driven to essentials but hesitates before a whole range of possible luxuries and semi-luxuries. It means that now a days, consumer demand are unlimited and its no longer situated in a stage where consumer use to select between luxury and semi-luxury products. Due to the growth in economy, now most of the middle class people are also willing to afford luxury products. In a few years back was just a dream for them to afford the price for a luxury product. SCARCITY It is a stage when the wants are not satisfied up to the satisfaction of people. When the production is not enough or sufficient, to satisfy the demand for a particular commodity, the problem of scarcity arises. The scarcity keeps on changing from one society to various countries. As the society keeps on developing, the standard of living also gets higher. The demand also keeps on increasing according to the economy of a country and the satisfactory level of the society. So, the resources get scarcer to produce goods and services for the satisfaction of wants. OPPORTUNITY COST According to (Pearce, 1983, p.322) opportunity cost can be defined as opportunity cost can only arise in a world where the resources available to meet wants are limited so that all wants cannot be satisfied. In simple words, we could say that the wants and needs of human being are unlimited. But the resources available in the market are limited. And so, it is not possible to satisfy each and every wants and desires of human being. And thus, the topic opportunity cost arises in a world. Choosing the best alternative when there is scarcity for a particular product, it can be measured in opportunity cost for the satisfaction of the needs and wants. The value of the next best alternative which is available in the market is termed in as opportunity cost. ADVANTAGES OF OPPORTUNITY COST Opportunity cost provides a benefit of choosing one option over another. It may be personal or business related, opportunity cost arises when we select one option over another taking into consideration that the selected option has better advantage comparing with the another option. It helps one to study each and every facilities and satisfactory level of various products similar in nature, when the resources are limited. Opportunity cost provides us awareness towards choosing the best alternative product, which helps one to make fully informed and to make appropriate planning and decision making, which helps to maximize ones resources. Price of a product plays an important role in considering opportunity cost, as it allows us to consider and compare prices between each alternative product and to select the most effective and satisfactory product from the option. DISADVANTAGES OF OPPORTUNITY COST Opportunity cost consumes a lot of time to calculate the features, price, budget, success ratio, satisfactory level etc of a product and many times we do not have time to evaluate the benefits of every product to choose the best alternatives. The biggest disadvantage of opportunity cost from a economist point of view is that the opportunity cost is not considered in accounting process of any company accounts. And so, the cost of opportunity involved in a selection of a particular product and the alternative product which was not selected, cannot be taken into accounts for future studies at all from a financial point of view. PRACTICE OF OPPORTUNITY COST IN REALITY Opportunity cost is calculated everyday by a human being who has the desire to purchase any product available in the market. Whether it may be implicit or explicit cost, it is considered into opportunity cost itself. An example of opportunity cost in case of financial sector is as given below:- A decision maker must study the impact of opportunity costs deeply before making the decision. If we consider a situation of an investor, whether to make investment in stock market or mutual fund investment. If a person makes an investment of $20,000 in Mutual Fund Investment of any company for one year, then he thinks what if he had put the same $20,000 in stock market rather than mutual fund investment. Perhaps he may expect a return of 20% on stock, and then the investor has an opportunity cost of $4000.Mutual fund may only provide a return of 10% ($2000). Then the investor has to consider the risk taking capacity, if he goes directly with stock market. As stock market value keeps on changing from time to time and there is always a risk of losing the money. In case of mutual fund investment, investor finds it more safe and secure for his money. There is very less chance of losing the money as compared with stock market. Hence, the investor may take the decision on the best alternative to invest in after considering the opportunity cost. PRACTICES ADOPTED BY ORGANIZATION IN RELATION TO OPPORTUNITY COST Opportunity cost is very important concept in financial sector. Especially in business progress related strategies. Opportunity cost helps one to examine the details and to make a profitable deal in a business purchase and selling process. The opportunity cost is the value mentioned to the next best choice. When an organization makes a decision to purchase an asset over another, there the organization is transferring the opportunity cost offered by another asset which was not selected. From my personal investigation on use of opportunity cost in business world, opportunity cost helps the organization to manage time with fully efficiency. Opportunity cost helps the organization to manage time with full efficiency. Even the business organization has to analysis which productive material should be purchased or not. Evento study the profitability level of various materials before purchasing it. It helps in a better decision making. Examples of opportunity cost in Business organization: A company has $2 million to spend on a project. The company can decide to invest the money for advertisement purpose of the particular product at the time of launch in the market. If they decide to invest the money in production and to buy machinery and all then the opportunity cost gets lost for advertisement purpose. And if they decide to spend the money on advertisement purpose, then the opportunity cost will be the organizations ability to produce commodity with more efficiently. Another example for business organization is that an organization owns a building in which it operates its function and so, it does not have to pay any rent for the office room space and all. But from economist point of view the business owner might have kept the office space for current use itself or the office space might have given for rent for money. So, that the owner could have earned from the rent but if the owner will not consider or provide the office space for rent then there is a loss in business expenses according to economist view point. But in real life accountant of a business organization cannot provide any loss expenses due to opportunity cost in any accounts. Even though opportunity cost is not considered by the accountants in case of financial accounts and all. But it is very much important for a manager of the business organization to consider opportunity cost in relation to business strategies. A business manager must consider opportunity cost in calculating the opportunity expenses in the organization for analyzing the profitable deals available in the market. It also helps in utilizing limited resources efficiently. CONCLUSION The value of the next best alternative which is available in the market is termed in as opportunity cost. It means choosing or making a decision from different options. From a economist point of view when a kid has to make a decision to choose between ice cream and chocolate at a time. When the kid has got a limited pocket money of $10 only and ice cream cost is $8 and chocolate cost is $15. So, the kid will have to select ice cream only as the kid has limited cash in hand. It is also a better example for scarcity too. When we talk about opportunity cost, we must take scarcity, needs and wants also into consideration. As, the basic needs to satisfy human beings desire is included in needs. Needs are a basic requirements which are used in daily life like food, water, clothing, medicine, shelter etc. A mans survival is dependent on theseneeds only on the primary level. Saying about wants it includes needs but it goes beyond that. Now a days consumer demands are unlimited but the resources are limited. It makes the demand margin to get higher, comparing with supply or resources. Scarcity is a stage when the wants are not satisfied up to the mark. When the production is insufficient to satisfy the demand for a particular commodity the problem of scarcity arises. Opportunity cost provides a benefit of choosing the best option available in the market after concluding the advantages and disadvantages. It also provides awareness towards choosing a product. From a business concern opportunity cost helps to maintain time management to make business decisions. Even opportunity cost involves limitations like consumption of a lot of time and opportunity cost is not considered by accountants.

Mother Natures :: essays research papers fc

Mother Natures â€Å"Time Share†   Ã‚  Ã‚  Ã‚  Ã‚  Lake Powell is a family resort for many. Every year at least two million people enjoy its splendor. But I would assume they do not know the trouble that lies beneath. Lake Powell was voted in by a small margin in March, 1956. It was part of the Colorado River Storage Project, also known as CRSP. Ever since it’s beginning, some of the people who helped build the dam have had regrets for what has been done to the canyon. Lake Powell has spurred controversy since its beginning on many issues: environmental problems, water rights, and the energy it generates. But the reservoir has its good points as well. There have been many jobs created and a thriving tourist market that have been the result of the dam. The concern now is the reservoir’s water level. At forty percent it is the lowest we have seen the lake since its establishment. We are not expecting more water due to the drought and researchers say it will not be ending soon. The question is should La ke Powell be refilled? History   Ã‚  Ã‚  Ã‚  Ã‚  In 1922 the Colorado River Compact was organized. This organization allocated the resources of the Colorado River and its tributaries. The Upper Basin States (Utah, Colorado, New Mexico and Wyoming) realized that the Colorado River Compact had overestimated the river’s annual flow and wanted to guarantee their water rights. The only way the Upper Basin states saw fit to ensure their water was to literally hold onto their water in reservoirs.   Ã‚  Ã‚  Ã‚  Ã‚  1956 brought the beginning of the Glen Canyon dam. But Glen Canyon was not the only site that was being considered as a possible site for the reservoir. Echo Park, in Dinosaur National Monument was another option that was being discussed by the Bureau of Reclamation. The Sierra Club was fighting to keep both dams from being built. In the end they had the choice and traded Glen Canyon for Echo Park (Ritchey).   Ã‚  Ã‚  Ã‚  Ã‚  June of 1960 brought the beginning of the dam. Five million yards of concrete were poured into the canyon over the period of two years. The construction did not stop until the dam was complete in September of 1962. After Glen Canyon Dam was completed, and to this day, it stands 710 feet with an average water depth of 560 feet when the reservoir is full. The dam stops water for one 186 miles up stream, creating 2,200 miles of shore line (Booth).

Feliks Skrzynecki and Mean Girls

The Poem, ‘Feliks Skrzynecki,’ composed by Peter Skrzyneck, explores a relationship between father and son, and their contrasting experiences of belonging to a new place to call home. My related text, ‘The Perks of being a wallflower,’ a novel composed by Stephen Chbosky, is a story narrated by a teenager who goes by the alias of â€Å"Charlie. † Charlie explains and analyses various scenes in his life by writing a series of letters to an anonymous person whom he does not know personally.When the story begins, Charlie is shy an unpopular, he is a wallflower, but when he decides to be brave enough to talk to the prettiest girl in the school, Sam, his life transforms and he experiences introversion, teenage sexuality, abuse, drug and alcohol use, and the awkward times of adolescence. The opening line of ‘Feliks Skrzynecki,’ ‘My gentle father,’ allows the reader to predict that this poem can not only be considered a noticeable t ribute to the composer’s father, but can also imply a physical journey.This idea of a journey becomes more evident throughout various areas of the poem including the metaphor used is stanza seven, â€Å"After that, like a dumb prophet, watched me pegging my tents further and further south of Hadrian’s wall. † This line allows the reader to understand that the father could foresee the result of his son’s detachment, but chooses to stay quiet to allow his son to learn for himself.The line in stanza three, ‘His polish friends, always shook hands too violently† conveys a feeling of discomfort within the son, it is evident that the son feels detached from the â€Å"violent† ways of his heritage and feels like he does not belong, like he is an outcast. This line strongly relates to a line on page 8 in ‘The perks of being a wallflower’, â€Å"Some kids look at me strange in the hallways because I don't decorate my locker, and I'm the one who beat up Sean and couldn't stop crying after he did it. I guess I'm pretty emotional. I feel these two lines strongly relate because they both explain a feeling of being outkast, they create an uneasy mood in which you are positioned to understand that they don’t feel as though they belong. In stanza six of ‘Feliks Skrzynecki,’ an image of peace, security and belonging is conveyed. â€Å"My father sits out the evening with his dog, smoking, watching stars and street lights come on, Happy as I have ever been,† This stanza creates a harmonious atmosphere through the accumulation of positive images.It conveys a constrast between Feliks’ self sufficiency and Peters discontent. This line also conveys Feliks’ capacity to enjoy a sense of belonging that has come through his experiences of suffering. His mind has been broadened to understand what really matters in life. The line, â€Å"I laid down on his old bed, and I looked through the window at this tree that was probably a lot shorter when my dad looked at it. And I could feel what he felt on the night when he realized that if he didn't leave, it would never be his life.It would be theirs. At least that's how he's put it. ,† from my related text related to the previously mentioned stanza through the sense of their fathers happiness. Both fathers have been through pain and suffering and come to the point where they knew exactly what they needed to be happy, to escape the harsh reality. In stanza one, Skrzynecki writes, â€Å"Loved his garden like an only child, spent years walking its perimeter from sunrise to sleep. Alert, brisk and silent, he swept its paths, then times around the world. The place that Feliks feels most safe is in his garden, it is his sanctuary, it is where he belongs. His experiences of war had led to a chosen state of positive isolation in a safe and secure place that he could control.On page 198, Chbosky writes, â€Å"I laid down o n his old bed, and I looked through the window at this tree that was probably a lot shorter when my dad looked at it. And I could feel what he felt on the night when he realized that if he didn't leave, it would never be his life. It would be theirs. At least that's how he's put it. I feel that these two lines coinside through a sense of belonging, whether it be to a place, a feeling or a memory. At a particular point in time, they were where they belonged. Through evident points, it can be seen that belonging is a feeling of acceptance, as a natural member or part, and that belonging is a basic need for human function and survival. Both texts show a timeline of both good and bad experiences, but convey a feeling of contentness within their chosen ‘homes’ or wherever it is that they feel most comfortable, where they feel they belong most.For Peter, it was his childhood, when everything was easy and nothing hurt. For Feliks, it was in his garden, his only sanctuary and f or Charlie, it was between the two people that made the biggest impact on his life, Sam and Patrick. While the endings to both texts are not overly happy, they challenge the idea of belonging in there own ways and it can be conluded that Social isolation can have negative consequences on an individual or a society and that happiness and belonging go hand in hand. You cannot feel like you belong every second of your life, it just isnt human.

Arrowheads and Other Prehistoric Hunter Tools

Arrowheads and Other Prehistoric Hunter Tools Arrowheads are the most easily identified type of archaeological artifact. Most people in the world recognize an arrowhead when they see one: It is a stone object which has been deliberately reshaped to be pointy on one end. Whether theyve personally collected them from nearby farmlands, seen them in museum displays, or just watched them being shot into people in old western movies, most people know the triangular tips of arrow shafts called arrowheads are the remnants of a prehistoric hunting trip, the spent shotgun shells of the past. But why do archaeologists insist on calling them projectile points?   Arrowheads versus Projectile Points Archaeologists typically call what regular people call arrowheads projectile points, not because it sounds more academic, but because the shape of a pointy stone does not necessarily categorize it as something that was used at the end of an arrow shaft. Projectile is more inclusive than arrow. Also, in our long human history, we have used a wide variety of materials to put sharp points on the ends of projectiles, including stone, wood, bone, antler, copper, plant parts, and other raw material types : Sometimes we just sharpened the end of a stick. The purposes of projectile points have always been both hunting and warfare, but the technology has varied a great deal over the ages. The technology that made the first stone points possible was invented by our distant ancestor Homo erectus in Africa during the later Acheulean period, circa 400,000–200,000 years ago. This technology involved knocking bits of stone off a hunk of rock to create a sharp point. Archaeologists call this early version of stone-making the Levallois technique or Levalloisian flaking industry. Middle Stone Age Innovations: Spear Points During the Mousterian period of the Middle Paleolithic beginning around 166,000 years ago, Levalloisian flake tools were refined by our Neanderthal cousins and became quite numerous. It is during this period that stone tools were probably first attached to spears. Spear points, then, are projectile points that were attached to the end of a long shaft  and used to help hunt big mammals for food, either by hurling the spear at the animal  or by thrusting it into the animal at close range. Solutrean Hunter-Gatherers: Dart Points A great leap in hunting technology was made by Homo sapiens and occurred during the Solutrean part of the Upper Paleolithic period, about 21,000 to 17,000 years ago. Known for great artistry in stone point production (including the delicate but effective willow leaf point), the Solutrean people are also probably responsible for the introduction of the atlatl or throwing stick. The atlatl is a sophisticated combination tool, formed out of a short dart shaft with a point socketed into a longer shaft. A leather strap hooked at the far end allowed the hunter to fling the atlatl over her shoulder, the pointed dart flying off in a deadly and accurate manner, from a safe distance. The sharp end of an atlatl is called a dart point. By the way, the word atlatl (pronounced either at-ul at-ul or aht-lah-tul) is the Aztec word for the throwing stick; when Spanish conquistador Hernan Cortes landed on the eastern shore of Mexico in the 16th century CE he was greeted by atlatl-wielding individuals. True Arrowheads: The Invention of the Bow and Arrow The bow and arrow, a rather more familiar technological innovation to fans of John Wayne movies, also dates at least to the Upper Paleolithic, but it likely predates atlatls. The earliest evidence is 65,000 years old. Archaeologists usually call these arrow points, when they recognize them. All three types of hunting, the spear, the atlatl, and the bow and arrow, are used today by sportsmen around the world, practicing what our ancestors used on a daily basis. Sources Angelbeck, Bill, and Ian Cameron. The Faustian Bargain of Technological Change: Evaluating the Socioeconomic Effects of the Bow and Arrow Transition in the Coast Salish Past. Journal of Anthropological Archaeology 36 (2014): 93–109. Print.Erlandson, Jon, Jack Watts, and Nicholas Jew. Darts, Arrows, and Archaeologists: Distinguishing Dart and Arrow Points in the Archaeological Record. American Antiquity 79.1 (2014): 162–69. Print.Grund, Brigid Sky. Behavioral Ecology, Technology, and the Organization of Labor: How a Shift from Spear Thrower to Self Bow Exacerbates Social Disparities. American Anthropologist 119.1 (2017): 104–19. Print.Maschner, Herbert, and Owen K. Mason. The Bow and Arrow in Northern North America. Evolutionary Anthropology: Issues, News, and Reviews 22.3 (2013): 133–38. Print.Vanpool, Todd L., and Michael J. OBrien. Sociopolitical Complexity and the Bow and Arrow in the American Southwest. Evolutionary Anthropology: Issues, News, and Revi ews 22.3 (2013): 111–17. Print. Whittaker, John C. Levers, Not Springs: How a Spearthrower Works and Why It Matters. Multidisciplinary Approaches to the Study of Stone Age Weaponry. Eds. Iovita, Radu and Katsuhiro Sano. Dordrecht: Springer Netherlands, 2016. 65–74. Print.

Rehabilitation counseling essays

Rehabilitation counseling essays Rehabilitation counseling enable people to cope and adjust to life situations. If we look at the world in terms of norms, rehabilitation counseling seeks to make every individual apart of that societys norm. In order to truly understand rehabilitation counseling we must first understand what rehabilitation is, where it developed from, and how its being used today. To under stand rehabilitation counseling we must first define counseling. Counseling is a learning-oriented process, carried on in a simple, one to one social environment, in which a counselor, professionally competent in relevant psychological skills and knowledge, seeks to assist the client by methods appropriate to the latter's needs and within the context of the total personnel program, to learn more about himself, to learn how to put such understanding into effect in relation to more clearly perceived, realistically defined goals to the ` end that the client may become a happier and more productive member of his society (1957, p. 36). When rehabilitation is added to counseling the meaning of counseling altered but the basic meaning is kept in tack. The definition is stated as following; Rehabilitation Counseling is a relationship in which a professionally trained individual attempts to help mentally, emotionally, and physically handicapped persons appraise their strengths and weaknesses in relation to their own particular needs so that they may function occupationally, socially, and personally in a more adequate manner. It is concerned with the broader environmental context and how it fosters or impedes access to all areas of living, including medical and rehabilitation services, employment, housing, and social and recreational activities. In Lames terms it means the disability of an individual is nothing but problem that needs fixing with consideration to that person environment along with the social attitudes and physical barriers that are present. To...

Exploring the Practices of Masculinities in School Assignment

Exploring the Practices of Masculinities in School - Assignment Example The author of the article has the viewpoint that the literacy strategies presented to teachers in recent support literature does not support the cause because they are restraining and restrictive. He claims that there is just a little effort towards developing a connection between gender and masculinity. He further argues that current strategies aimed towards building up the levels of boys’ literacy achievement do not move with the school board policy of acknowledging a diverse range of youth identities. The reason is that when more efforts will be driven towards including all youth identities in the scope of safe school policy, the focus on improving the literacy levels of boys will be overshadowed which will result in making the literacy level targeted policies useless for boys. The need is to bring alignment in the safe school policy and initiatives towards literacy achievement levels in order to provide a better environment for boys which they can utilize to improve their academic level while preserving masculinity. The author has begun the article by outlining the need or developing some quick fix strategies aimed towards increasing the learning potential of boys in such a way that they do not go parallel with the efforts towards providing a safe and secure school environment for multiple identities. In the second section of the article, the author has described and analyzed the efforts of Ontario Ministry of Education towards the cause of improving boys’ literacy level. The author has found that current initiatives are not able to accomplish the goal because they do not have the potential to prove their unique identity in front of the safe school policy which brings in together a diverse range of identities under one umbrella. According to the author, the problem is not here in this area. Rather the real problem lies in the fact when gay, lesbian, and other identities will be promoted in schools, the masculinity level of boys will be affecte d, as the behaviors and attitudes of all identities will mix with one another resulting in decreasing the demonstration of masculinity among boys. The author has finally suggested that Ontario curricular activities should be redesigned so that they become closely aligned with the safe school policies in order to help teachers, as well as administrators to work together towards the aim of increasing boys’ literacy achievement level while providing a safe learning environment for all youth identities. Critique of the Article This article by Michael Kehler discusses the efforts of The Ontario Ministry of Education to improve the literacy achievement rate of boys while acknowledging the efforts towards making safe school policy for a diverse range of youth identities, which include gays, lesbians, bisexuals, and others. I think the author has picked a good topic to write upon because it has become a need of today to save the masculinity of boys in a sexually diverse society. In t oday’s world, when sexual orientations are changing rapidly both for boys and girls, the need of today is to take steps towards saving the masculinity of boys so that the sexual orientation balance remains intact. Boys have to play hard

The Semai Community Research Paper Example | Topics and Well Written Essays - 750 words

The Semai Community - Research Paper Example The individuals in the community share more that only among family. However, everybody in the Semai camp has to share the items or food that they have obtained for the day; including those that were injured or even too sick to be able to take part will be given their share. Nonetheless, this is a good example of a generalized reciprocity whereby one might give something without expectations of receiving something in return, maybe in some way or even some other day. The concept or idea of possession among the Semai is different from that of the West. For instance, in the United States of America, it would be felt that the meat’s owner was the one who brought the animal down. However, among the Semai community, the owner of the meat is the one who unleashed the arrow. In this manner, more individuals have a chance of contributing toward food. They are normally happy to do trade with the others since they lack the means to keep or store food (Laird 18). An individual who possesses meat would wish to exchange with another thing since it is possible that the meat would go bad before he or she would finish it all up. The Semai people have a robustly peaceful image of themselves, they consider themselves as being nonviolent individuals who are not always angered or do harm unto others. They, in fact, sometimes disagree and get angry, but have less violent expressions of fury, and they nearly never beat up their children. These people regard themselves as non-violent, nurturing and dependant; a character that allowed violence would challenge their definition of good value (Peaceful Socities.org 16). Their view of the world and the place of humanity in it does not have any place for aggression.