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Requirement
Write a three complete page analysis and combine your thesis with recent economic and financial-management events affecting you/your job.
Solution
In chapter 1 or 2 a discussion held on opportunity cost. Opportunity cost is the loss from another available alternative by choosing a particular alternative. Productive resources in the country are available in less quantity so people must choose something and give up others. In this lesson, the opportunity cost is considered subjective because only the individual person who takes decision only can identify the better available alternatives and can choose the best alternative from among available alternatives. Opportunity cost is very important for that person who is taking a decision because only he knows his expectation in a better way. Opportunity cost calculation should be one carefully. Calculating opportunity cost consumes much time because for calculating it, it is necessary to collect all required information. For example, various investment proposal is there, and we have to choose one by analyzing their profitability. Various time this can be identified by looking expected rate of return of the project.
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The best way of calculating opportunity cost can be following:-
Opportunity cost = return of most lucrative option- return of chosen option (Møller,2015)
We all know that basic economic problem which exists here is the scarcity of resources. Lesson 1 shows the important concept of macroeconomic which is known as opportunity cost. In a simple manner, all the persons have same amounts of minutes, hours and days, but we all are different in making decisions about what we want to do? What do we select to buy? And how we are able to spend our time? All these questions are determined by the opportunity cost. At any time when we make selection, then there exist a specific amount which everyone place on that selection. Suppose, if we have two alternate choices- either we can choose apple or orange- and then we choose apple, opportunity cost is considered orange which you can select but didn’t. There are two parts of opportunity cost. It has either benefits or costs. If you make your choice ad chooses an apple over an orange, may be possible that apple costs are less than orange, but it derived you more satisfaction. So, looking the available alternatives in form of benefits and costs helps us in taking healthy decisions. For a healthy economic decision, we select the greatest benefit alternative from available alternatives but the lowest cost. (Kurzban, 2013) For example, if we have done graduation from college and then move to job market, then there are choices available which we have to choose one from them. Let’s we find that there are two jobs are important for us. Either we can work in Organization A or Organization B. Company A is ready to pay 3 lac annually and Company B is ready to pay 2 lac annually. Based on this information most people likely to choose Company A, because it is paying high salary. Sometimes, it can be possible that value of a selection to us might be in the form of time or the experience which one can have. It is considered that time is money.
And we should judge the benefits by taking in mind all time elements. In August 2009 the US faced a big economic crisis which affected the whole market system in a deep way. The US considered as the biggest economy in the whole world (Castells, 2014). The US is involved in creating planetary currency; this impacts the leverage of the other countries. Banks are completely awash with funds, and they are ready to give their land to others. This affects the economic position of the whole country. Due to it, the country faces unemployment problems. In the same manner on September 26, 2011, heads of economic cooperation and development published their report and expressed their concern regarding seriousness of available job crisis. Due to this job crisis, 200 million people in the US lost their jobs, and they also said that this rate could be increased up to 400 million till 2012. Economic crisis is very dangerous to bear for peoples of a country. They lost their everything. They do not have any alternatives to spending their life. The unemployment situation is very bad situation for young peoples. As per the published report of World Bank 2011, more than 20 percent young people are unemployed in the US. so after studied it we can say that most significant problems arise from the global crisis are the rise in the unemployment, which arises due to low demands, closing of factories, a decline in private consumption of peoples, All these have a great impact on the job of different employees.
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Kurzban, R., Duckworth, A., Kable, J. W., & Myers, J. (2013). An opportunity cost model of subjective effort and task performance. Behavioral and Brain Sciences, 36(06), 661-679.
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Møller, A. P. (2015). The value of a mouthful: Flight initiation distance as an opportunity cost. European Journal of Ecology, 1(1), 43-51.
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Castells, M. (2014). The economic crisis and American society. Princeton University Press.
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Commoner, B. (2015). Poverty of Power: Energy and the Economic Crisis. Knopf.
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Greenglass, E., Antonides, G., Christandl, F., Foster, G., Katter, J. K., Kaufman, B. E., & Lea, S. E. (2014). The financial crisis and its effects: Perspectives from economics and psychology. Journal of Behavioral and Experimental Economics, 50, 10-12.
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