Summary Paper - European pound There is a cost on just...

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Juliet Martin Summary of Principle #2 “People’s choices have costs – monetary costs and opportunity costs. Opportunity cost is the second-best alternative people give up in making a choice.” When you decide on one thing, you always give up another option. For example, if you were applying for a position at three different companies and get selected for all of them, you have to choose one. In the end, you gave up the ability to work with the other two companies. It is somewhat inevitable to not give up something to get something in return. There are two factors that play part in making decisions: money and opportunities. How are most exchanges made in the world? Now, instead of by doing labor or swapping materials, the main way of bartering is with money. This has taken affect all over the world with the exception of a different term and value: the America dollar, the Japanese yen, or the
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Unformatted text preview: European pound. There is a cost on just about everything you could possibly do. By going to college, you have now acquired a monetary cost. There might be some kind of assistance, but usually one pulls out a loan or two which has to be paid during school or post graduation. Although you may have this expense, there is a greater benefit in the end. Opportunity lingers daily waiting for someone to take it. Every day you receive the chance to either do or not do something. By saying yes to one choice, you automatically say no to the other. It is very important to weigh your options when making up your mind on different selections. However, you have to be satisfied with the path you decide to take knowing that you may have given up other alternatives along the way. Then, and only then, can you move forward without always regretting going another direction. You win some, you lose some....
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This note was uploaded on 06/10/2011 for the course MARKETING 3702 taught by Professor Dr.wilson during the Fall '10 term at Florida A&M.

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Summary Paper - European pound There is a cost on just...

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