Opportunity cost and scarcity
Opportunity Cost and Scarcity
Opening a business and earning a profit was the opportunity cost of taking the economics course. I was supposed to open a cosmetic shop and even supply the same products to retailers at a lower price. But considering little information or knowledge that I had in products distribution, I decided to study economics to improve my skills and abilities in business. Business was important, but operating with customers with little knowledge might have led to a loss.
Considering my decision, I am not disappointed to have left the business deal. I made the right decision since studying this course will add me a value on how to conduct a multi-internal business. For one to conduct a multi-internal business, wide information on how the world is evolving in production and distribution. Also, I think the cosmetic shop would have given me small amount of money if I lacked knowledge on how to relate with customers. Customers’ relationship is an important thing since it is the one to determine how many orders will be there in a given month. For instance, good customer relationship will allow customers to make comments on how I would improve my services (Ascarza et al., 348). Thus, the economics course will be of great benefit to me.
Scarcity can be considered as few resources which human beings require them so that life would be good. Capital and labor resources are examples of scarce resources which can result in an eco…
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