Economic- opportunity costs free essay sample

Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. When economists use the word cost, we usually mean opportunity cost. The word cost is commonly used in daily speech or in the news. For example, cost may refer to many possible ways of evaluating the costs of buying something or using a service. Friends or newscasters often say It cost me $150 to buy the iPhone I wanted. Definitions and Basics Opportunity Cost, from the Concise Encyclopedia of Economics When economists refer to the opportunity cost of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you cant spend the money on something else. If your next-best alternative to seeing the movie is reading the book, then the opportunity cost of seeing the movie is the money spent plus the pleasure you forgo by not reading the book. We will write a custom essay sample on Economic- opportunity costs or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Getting the Most Out of Life: The Concept of Opportunity Cost, by Russ Roberts on Econlib To get the most out of life, to think like an economist, you have to be know what youre giving up in order to get something else. Sometimes people are very happy holding on to the naive view that something is free. We like the idea of a bargain. We dont want to hear about the hidden or non-obvious costs. Thinking about foregone opportunities, the choices we didnt make, can lead to regret. Choosing this college means you cant go to that one. Marrying this person means not marrying that one. Choosing this desert (usually) means missing out on that one. Opportunity Cost, a LearnLiberty video. Prof. Don Boudreaux explains what economists mean when they talk about unintended consequences. Opportunities and Costs, by Dwight Lee. At CommonSenseEconomics. com. PDF file at CommonSenseEconomics. com first published in The Freeman Economics has been called the dismal science because it studies the most fundamental of all problems, scarcity. Because  of scarcity we all face the dismal reality that there are limits to what we can do. No matter how productive we become, we can never accomplish and enjoy as much as we would like. The only thing we can do without limit is desire more. Because of scarcity, every time we do one thing we necessarily have to forgo doing something else desirable. So there is an opportunity cost to everything we do, and that cost is expressed in terms of the most valuable alternative that is sacrificed. In the News and Examples Opportunity cost, rock concerts, and grades: A Fable of the OC, by Mike Munger on Econlib. You get to the box office about midnight, but dont sleep much because its noisy. Finally, sleep does come. It only seems like a few minutes later when the clank of the ticket window opening wakes you at 8:00 am. In the sunlight, you notice that there are way more people in line than you thought. Thousands, in fact. You may not get tickets, even after camping out But you start thinking about opportunity cost, the big OC. You recall from economics class that the OC is about foregone alternatives. In other words, the cost of doing one thing is all the other things you dont get to do as a result. I used this fable (sort of—it was Bruce Springsteen then) as a test question in my intermediate Microeconomics class at Dartmouth College. Biggest cost of college is what students could otherwise earn by working: Human Capital, by Nobel Prize winner Gary Becker in the Concise Encyclopedia of Economics Tuition and fees are not, for most college students, the major cost of going to college. On average, three-fourths of the private cost of a college educationthe cost borne by the student and the students familyis the income that college students give up by not working. A good measure of this opportunity cost is the income that a newly minted high school graduate could earn by working full-time. During the 1980s and 1990s, this forgone income rose only about 4 percent in real terms. Therefore, even a 67 percent increase in real tuition costs in twenty years translated into an increase of just 20 percent in the average students total cost of a college education.

TV addiction free essay sample

Quite a few people jokingly say that they have a friend or family relative who is addicted to television. What they may not realize is it may in fact be true. In Marie Winn’s â€Å"The Plug-In Drug†, she implies that television addiction is much like a drug or drinking problem, and is difficult to stop. Winn writes her essay in a very simplistic manner, and focuses on the destructiveness of an addiction; she illustrates and compares the destructiveness of addiction to excessive television viewers . First she discusses how the term addiction is commonly used out of context. You will always hear people state that they are addicted to Pepsi or mystery novels, but are they really addicted? What these people actually mean to say is that they enjoy reading mystery novels more than most other forms of ‘passing time’. The same is true for Pepsi. They are not actually addicted to it; they just enjoy it more than most other beverages. We will write a custom essay sample on TV addiction or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Maria Winn then poses a question. Do you think television falls into the fake addiction category (the addiction that is used out of context), or is it a real addiction? She does it this way so that when she states her argument you have already begun to think of an answer and your mind is accepting or rejecting her statements. Since all of her statements support and collaborate each other, it is very easy to get pulled into her train of thought. Winn then goes on to discuss how television addicts, who know they are addicted, will try and tell themselves to do other things, but instead they stay drawn into the TV. To these kinds of people television is an escape from reality. When you are watching a television show, you are not worrying about the bills or the fact that you have to go shopping, you are only wondering if the main character saves the girl and wins the day. The same is true for book readers. They read to immerse themselves into another world and escape reality. If one were to say television is an addiction you would not be wrong. If this is true however, then anything can be considered addictive. Work, school, computers, books, models, toy trains, baseball cards†¦are all things that could be considered addictive. For cases like these really should not be thought of as addictive. An adult human should show responsibility to know what he/she likes and also to know when it is interfering with normal life. These people should be made to understand that fiction is just that, fiction. It is not real and has no bearing on real life.

Dental School Essay Sample - One Step Towards Your Dream of Becoming a Dentist

Dental School Essay Sample - One Step Towards Your Dream of Becoming a DentistThe best college admissions essay is a true one and does not have to be a masterpiece. Most admit students do not have the time or training to write an essay as professional. They could just come up with a short statement of importance and submit it to a top school, which may accept them or reject them because of the writer's sloppy grammar and lack of research. But if you are ready to excel in writing, you have nothing to lose but a little effort and a lot to gain.Nowadays, the first stage of dental school admission is essay preparation, which involves study of pertinent subject and application of course materials. Students have to select an essay topic based on their field of interest and they need to compile facts and analysis about what is being taught at dental schools. By employing proper research, students can save time, resources and money by presenting the right topic in the right manner.A dental s chool essay sample is a very good way to start when preparing for the overall essay topics. It is a summary of your knowledge and education in a given area. It needs to be as interesting as possible and should contain the basic topics that every dental student should know. They have to summarize the basic information about dentistry and present the information in an interesting manner so that the reader can grasp the essence of the discussion.When planning to write an essay for dental school admission, it is essential to use a sample that is relevant to the topic at hand. There are various websites where you can find hundreds of sample essays, which can help you in comparing the quality and goodness of the essay and learning from the mistakes. Different students have different expertise, and the various essay topics for each applicant will vary according to their level of understanding.Some students may not even bother writing an essay at all, but the majority of successful applican ts have a personal essay that can be submitted to the school. This personal essay is meant to let the admissions committee know the things that distinguish you from the rest of the applicants. It has to be meaningful and convincing so that the admissions committee will still want to accept you. The essay should be written in a simple yet engaging manner, so that you can captivate the attention of the reader.Writing an essay for dental school admission can be both tough and exciting, depending on how well you prepare. You can start practicing online and with a few students, so that you get used to the writing skills, so that you can easily perform better in this area of your life. You need to treat your essay practice as a new skill to increase your confidence in writing a proper essay and gain more confidence in the future.In writing for dental school admission, you need to maximize your opportunities in making a mark in your chosen field. Make sure that you put in all your strength s and leave out your weaknesses in the essay. To do this, spend your time wisely and have fun while doing it!

ISHAYA AJET HOSEA Essays (1824 words) - Nigeria, World, Free Essays

ISHAYA AJET HOSEA Essays (1824 words) - Nigeria, World, Free Essays ISHAYA AJET HOSEA R130151 Investing in Africa's Future College of Business, Peace, Leadership and Governance Department of Peace Leadership and Governance Ethics and Natural Resource Management ( PEP515 ) Lecturer: Mr Isodore Fungai Question: Identify a local authority in your country and discuss the strategies you would employ to ensure that the authority is successfulinimproving the welfare of its citizens. (20 marks) Due Date: 30 March 2018 Background The vision of the Nigerian Aviation Authority is; to be one of the leading civil aviation authorities in the world. The local authority also aims to provide aviation safety and economic regulation in the most efficient, effective, quality and technology driven manner to the satisfaction and benefit of all stakeholders, consistent with the highest international standards and the sustainable development of the industry and national economy. (James, 1987) reported in the New York Times that the Nigerian airways symbolizes black Africa's largest passenger carrier - it flew 2.1 million passengers to 22 foreign destinations and 16 cities within the country". (James, 1987) Dubbed ''Nigeria Airwaste'' and ''Nigeria Errways'' by disgruntled passengers, the airline is often cited as an example of the kind of state-owned company that should be put into private hands. Such privatization has been strongly urged by the International Monetary Fund and at least considered by the Government of Maj. Gen. Ibrahim B. Babangida Overview Civil aviation is a critical element in Nigeria's transportation system and indeed its economy. Nigeria has twenty (20) airports and many regulated airstrips and heliports; 23 active domestic airlines; 554 licensed pilots; 913 licensed engineers and 1700 cabin personnel. Nigeria being Africa's most populous country is an important destination for over 22 foreign carriers. Nigeria currently has Bilateral Air Services Agreements with over 78 countries. From Nigeria, air travellers can fly directly to many of the world's business centres such as London, Paris, Frankfurt, New York, Johannesburg, Atlanta, Amsterdam, Dubai and Jeddah to mention a few. With the attainment of America's Federal Aviation Administration (FAA) International Aviation Safety Assessment (IASA) Category One Certification, Nigerian registered carriers can now fly directly into the United States of America (USA). In recent years, domestic and overseas passenger traffic has risen steadily at an average of 10% per annum and Murtala Muhammed International Airport (MMIA) Lagos, the Nation's main gateway, accounting for over 60 per cent of the total passenger and aircraft movement. The consistent rise in passenger and aircraft has spun a thriving service industry, driven not just by private-sector profit motives but also by innovation and the strong desire to satisfy customers. The airport is being repositioned as a regional hub by the Federal Government of Nigeria. The effort of Government to reposition the airports in Nigeria is being complimented by the Nigerian Airspace Management Agency which has made massive investments in the upgrade of Navigational facilities including new radar systems and modern landing aids. The Agency has well-trained personnel which includes 490 Air Traffic Controllers.The Nigerian International airports, notably in Abuja, Kaduna, Calabar, Kano, Lagos and Port-Harcourt, are leading cargo centres. An important segment of the air transport sector, the air-freight business is kept alive by a combination of shippers, airlines, leading currier firms (such as UPS and DHL) and handling companies (such as NAHCO and SAHCOL). All the essential components in the sector, airlines, passengers, aircraft, crew, service providers are working in harmony to deliver a safe and economically sound air transport system that meets national and international standards. Privatization and Social Welfare in Nigerian The promulgation of Decree No 25 in July 1988 marked the beginning of Nigeria's privatisation project. The decree established the Technical Committee on Privatisation and Commercialisation (TCPC), an organ saddled with the responsibility of supervising the process of state divestment from, and restructuring of public enterprises. This committee came to be known as the Public Enterprises Bureau in 1993 (Ariyo and Jerome, 2004: 8). According to the decree, the nation's privatization program is expected to: i. Restructure and rationalize the public sector in order to lessen the preponderance of unproductive investments; ii. Re-orientates the enterprises towards a new horizon of performance improvement, viability and overall efficiency; iii. Ensure positive returns on investments in commercialized public enterprises; iv. Check absolute dependence of commercially-oriented parastatals on the

3 Differences between a University Book Report and Book Review

3 Differences between a University Book Report and Book Review 3 Differences between a University Book Report and Book Review It usually happens that university students are tested in writing a book review but too often they end up writing a book report instead. The problem is that most students don’t know the difference between a university book report and book review. The surprise of failing in an assignment that you were certainly sure to score highly can be overwhelming. It is a good idea to make sense of a task before getting started. According to the Executive Function Handout Series about a task initiation, students are able to complete a task successfully, once they get going, if only they have explicit instructions about an assignment. Asked to write a book review or book report but can’t understand the difference? We are to explain. 1.   The Purpose of a Book Report and a Book Review Despite the conjoint word a book in the phrases a book report and book review, both types of writing are dedicated to a book but they are aimed at different outcomes. So, it is important not to confuse the purposes of writing to get desirable results. What is a book report? It is a summary that gives the information about an author and a book content. In other words, it is a brief summary of the story, character, setting and plot. It is possible to write a book report if you read a book in question and understand everything in it. What is a book review? It is an in-depth analysis and critical evaluation of a book. It brings a rather new insight onto a book content than simply narrates it. So, this assignment requires more special skills to narrate coherently, think deeply and analyse in a critical manner. 2.   The Structure of a Book Report and a Book Review Both a book report and book review can present the same book but the fact is the two differ in the structure. That’s why very low marks can be given if a paper is incorrectly organized. What is the Structure of a Book Report? As it is supposed to give enough info about a book and let readers decide whether it is interesting or not, follow such a structure in a book report: Introduction should contain information about an author, a title of a book, the number of pages and the bibliographic information (the name of a publisher, the year of publication, the book edition etc.) The body should have a minimum of 3 paragraphs where you present main characters, a plot and summary of a book. Conclusion should contain your overall impressions about the book and answer if you would recommend it to others. What is the Structure of a Book Review? Writing a book report instead of a book review is viewed by most examiners as trying to take a shortcut. However, it is more specialized since you judge the book based on how you understand it citing evidence from the book. On Wendy Laura Belcher’s advice, an associate professor in the Princeton University, it is better to stick to the following structure: The first part of a book review is similar to that of a book review. You introduce the bibliographic information (a title, an author, a publisher, etc.) In the second part you have to state two theses. One from the author as illustrated in the book and another being your own thesis based on what you find after reading the book. The third part is devoted to the critical analysis and evaluation. You have to analyze and evaluate the themes and setting of a book based on the author’s perspective as well as how you understand them. In the final part you should sum up everything and state your point of view. The evidence you presented earlier should guide you on how you conclude. No new evidence should be submitted in the conclusion. 3.   The Word Count of a Book Report and Book Review No much emphasis is placed on the length. However, on average a book review is expected to be no less than 750 words whereas with a book report the minimum word count is 500 words. You’re recommended to specify all paper requirements before you settle down to your homework. In fact, there is nothing stopping you from scoring highly in either a book review or a book report you can buy online. Especially, when you’re supported by our quick professional help in writing. Just contact us 24/7 and get out there or sleep well while the high-quality works are being prepared for you.

Ford's future Essay Example | Topics and Well Written Essays - 750 words - 1

Ford's future - Essay Example Its North American automotive business is hemorrhaging cash and market share† is the comment by Bryce G. Hoffman from Detroit News. The fall of the empire of Ford is evident from the fact that Fords domestic brands -- Ford, Lincoln and Mercury -- saw their combined share of the U.S. market fall 4.7 percent last year, from 18.3 percent in 2004 to 17.4 percent in 2005. A decade earlier, Fords market share stood at nearly 25.6 percent. Every percentage point of market share represents 170,000 vehicles. With this background this paper aims at analyzing the factors that led Ford to reach this no-alternative ‘Way forward’ position and the likely impact of the decision to cut jobs and close manufacturing facilities on the future of Ford. The financial results for the year 2006 would be the worst in the 103 years history of Ford. The old record net loss of $ 7.39 billion would be surpassed by the loss for the year 2006 as already the loss is mounted at $ 7 billion for the first three quarters of 2006 and for the fourth quarter more losses are expected by the analysts. The financial situation of Ford was worsened by the collapsing sales of its F series Pick up and truck based sport utility vehicles in which segments the company made huge losses. New product investments -- utilizing Fords global architectures and scale -- to deliver more new products faster, including more crossovers, hybrid vehicles, new small cars, increased spending on Fords truck leadership and new "white space" products. A lean and flexible manufacturing system combined with capacity matched to demand. Capacity will be reduced by 1.2 million units or 26 percent by 2008, representing the majority of actions within the plans 2006-2012 periods. In order to give life to the restructuring plan, Ford mortgaged nearly all of its domestic assets- its plants, office buildings, patents and trademarks — along with stakes in Ford Credit and Volvo, to raise $18 billion. Ford said its restructuring

The Transformation of Shell Case Study Example | Topics and Well Written Essays - 2000 words

The Transformation of Shell - Case Study Example It has had a very good working relationship with the stakeholders in the industry and they include: partners, shareholders, suppliers, contractors and also their customers. The values that govern the company include respect for all, high sense of integrity and honesty at all levels within the organization. Mutual respect, openness, communication, team work, joint solving of problems and a high level of professionalism also govern the company. Partners, suppliers and the society at large. The company acknowledges that the success of its company largely depends on the contributions made by its employees. The company thus respects the basic rights of its employees by providing them with a good working environment so the employees can work comfortably .They provide them with clean and hygienic employment conditions for them to work in. Once they employ their staff, they tend to motivate them by making the best use of their talents through training them so that they get new skills (Post, Preston, and Sauter-Sachs, 2002). The environment in which the employees work is all-inclusive whereby all the employees regardless of their background are given equal opportunities to develop their skills and talent. The employees are also included in the decision making process by including them in the planning stages and also offering them the necessary support and guidance while they perform their duties. A feedback program has also been put into place whereby the employees are encouraged to raise any concerns that they may have and also give opinions on what they would want to see improved in the organization. The customers are also a very important aspect in their business. The company has come up with innovative ways that assists them to win and maintain their customers. They do so by providing goods and services that are very competitive in price, very high quality, safe and above all, environmentally friendly. For the company to be able to be competitive, a team of professionals in the environmental, commer cial and information technology departments support them (Post, Preston, and Sauter-Sachs, 2002). Shell also seeks to have a mutually beneficial working relationship with all its business partners' .The partners include the suppliers, contractors, and any other parties that they could be having a joint venture with. They seek to promote the basic business principles that they possess. With their partners on board, it assists the company to make strategic decisions on whether to get into more partnerships or pull out of the existing partnerships. The company has been involved in the corporate social responsibilities whereby they try to do their business by complying with all the rules and regulations under the law, observing the basic human rights while at the same time providing proper guidelines on issues to do with the safety, health, security and the environment. Business Principles The Company believes in fairness, honesty and integrity while performing their duties and they expect to be treated the same by their partners and competitors. The company has come up with a policy against bribery, soliciting of money, and any other activities by the employees that would be with in conflict