StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Business Economics 1 - Essay Example

Cite this document
Summary
The local shopping centre has free parking, but the centre is always very busy and it usually takes 10 minutes to find a park. Today when you found a vacant spot, Harry also wanted it. Is parking really free at this mall? If not, what did it cost you to park today? When you…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER95.1% of users find it useful
Business Economics 1
Read Text Preview

Extract of sample "Business Economics 1"

Download file to see previous pages

Today I wasted minutes and gas looking a free space and when I saw it somebody else also wanted it. Harry wanted it but I was an inch ahead of him, so I had the right of way. If he wanted it very badly he could have paid me. Nothing is free in this world; as the saying goes, there is no such thing as a free lunch. In economics we deal with the problem of scarcity, and all of us try to beat this problem so that we can get what we want. An economist (Arnold 5) says that a rationing device is needed for society to enable its members to get what they want.

A common rationing device is money (dollars), and you are out there in front if you have money. Thats why we study to earn a degree (to earn more money later), and thats why some work instead of studying for a degree (to earn money now). Is parking free at the mall? It is free for those who come early or for those who are lucky that somebody has just come out to vacate that space. It is not free for those who dont get it. While opportunity cost is a concept used when we make choices, here the situation is forced on one, and yes, there is a cost, because you could have spent the time (and the gas) elsewhere where you could gain some utility.

I said that I got slightly ahead of Harry, so I had the right to the parking space. Suppose we got there at exactly the same time? We could have settled it with a display of intimidation: If I were bigger and more muscular, if my car was a Mercedes-Benz and Harrys was a Kia, or if he could see that I had a gun; or in a spirit of fairness, we could have tossed a coin, or done something similar to break a tie, and I would have said thats what life is like. Theres a lot of chanciness in the world in which we live.

If we arrived at that point at the same time and I needed the park first because I would lose an important opportunity by missing an appointment, I would not wait for the tossing of a coin. I would pay Harry an

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Business Economics 1 Essay Example | Topics and Well Written Essays - 1250 words”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1548151-business-economics-1
(Business Economics 1 Essay Example | Topics and Well Written Essays - 1250 Words)
https://studentshare.org/miscellaneous/1548151-business-economics-1.
“Business Economics 1 Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/miscellaneous/1548151-business-economics-1.
  • Cited: 0 times

CHECK THESE SAMPLES OF Business Economics 1

The retail industry in China

According to the research findings the age of globalization has opened up a plethora of opportunities for business organizations operating in the present world.... The growth of free trade as well as emergence of developing economies like China and India also have opened up new vistas for firms trying to expand their business in the wake of saturation of the traditional markets of Europe and USA.... However international expansion also involves considerable planning as there are considerable entry barriers in new markets as well as other forces that affect the business prospects of firms....
6 Pages (1500 words) Essay

Business and Economics Statistic A

ECMT1010 business AND ECONOMIC STATISTICS A ASSIGNMENT Semester 1, 2011 This assignment is worth 10% of your total mark.... It must be handed in by 4:30pm on Friday, 3 June in the marked drop-off boxes in the Merewether building (Level 2, reception area).... Late assignments will not be accepted and will result in a zero mark....
4 Pages (1000 words) Essay

The Impact of Economics on My Life as a Business

In order for business people to become successful in today's global business, each businessman should be knowledgeable in study of microeconomics and macroeconomics.... This essay analyses the movement of a country's economic growth and recession, the causes of inflation and deflation, and the unemployment....
10 Pages (2500 words) Article

Britains Balance of Payments Problem

As for international trade, imports and exports represent the country's international flows. ... ... t's simplistic to assume that when imports are equal to… ports in money terms there will be a balance of payments equilibrium (Nellis, 2004, p.... 31).... he step by step development of a circular flow of income model for an economy requires a series of theoretical assumptions to be made....
6 Pages (1500 words) Essay

Entrepreneurship: How innovated and small bussiness affect economy

One type is opportunity entrepreneurship in which the new business is opened in the unexplored or wrongly explored area.... Other type of entrepreneurship is opening up a business because you do not have any other option.... These enterprises have a strong but positive influence up on the economic growth....
5 Pages (1250 words) Research Paper

Sources of Entrepreneurship Opportunities

(Audretsch and Thurik, 2001)… Audretsch and Thurik, 2001 illustrated that entrepreneurship became very common in the 1990s after receiving a tremendous increase in business ownership rates from the 1980s.... Entrepreneurship is connected with undertaking innovations or the introduction of new products or finance and business expertise.... Entrepreneurship not only includes setting up of a business but its continued growth and diversification....
8 Pages (2000 words) Research Paper

Central Problem with Mainstream Economics

It is highly associated with neoclassical economics in contrast with the heterodox approach.... Thus, it focuses on the various ways of determining the prices, determining the prices of various… This income distribution is mediated through maximization of utility which is often hypothesized by individuals who are income constrained and of profits There are various assumptions that are related to mainstream economics.... Much of the modeling of this modern economics explores the notion that other complicating factors have on various models....
8 Pages (2000 words) Essay

The Background of Ajay Gupta

The changes that have been made as a part of this hotel and the focus of the idea and endeavor have created a change with the business and provided a different opportunity within the hospitality industry.... The concepts and ideas that have been initiated in this business have then presented a different set of concepts that can be used by other hotels.... More importantly, the idea has moved into a business venture that will lead to more opportunities and initiatives....
7 Pages (1750 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us