Sir Shannon Scott Williams
December 30, 2010
ECON220
Unit 1: Discussion Board
Economic Concepts
A time ago, around 2008, I managed a restaurant for employment. Then one day a gentleman offered me a job to manage an automotive plant. Given the situation, I practiced tradeoff as defined in our textbook: a comparison of costs and benefits; (Krugan, Wells, 2009, p. 8).
My tradeoff, based on resources of labor, was either to continue working at the restaurant or take the new job. Working at the restaurant would insure job stability due to high demand of food; however my salary would remain the same for quite a while. The other side of tradeoff was to accept the new job which came with a higher salary, however there would be risk involved due to a crisis in the economy. If the economy did not show improvement, then the company would fail. Clearly, my tradeoff helped me understand what career path alternatives I should take.
My alternative by choosing to stay at the restaurant, on a long enough timeline, I could have worked my way up to owning my own restaurant and have great job stability, but earn a lesser pay. The other alternative is to take the new job and work my way up the career latter with higher pay and risk job stability. The second alternative has a greater value due to the opportunity which is given regardless if the company fails or not. Even if the company fails, I could always return to the restaurant and continue employment there. Granted, my choice was to take the new job.
Reference:
Krugan, Wells. (2009). Economics (2nd Ed.).
Worth Publishers. AIU Online Version
On Amazon:
Do you like this article? Share It!
22 comments to "Economics Concepts"
Popular Posts
-
Sir Shannon Scott Williams Microeconomics Unit 4: Individual Project Pure, Per Se and Natural Monopolies American InterContential Univ... -
Sir Shannon Scott Williams January 24 th , 2010 ECON220 Unit 3: Discussion Board Pure, Per Se and Natural Monopolies Importin... -
Sir Shannon Scott Williams Microeconomics Unit 1: Individual Project Economic Concepts American InterContential University, Onlin... -
Sir Shannon Scott Williams Microeconomics Unit 3: Individual Project Production and Perfect Competition American InterContential Univer... -
Sir Shannon Scott Williams Microeconomics Unit 2: Individual Project Microeconomics and Market Systems American InterContential Uni... -
Sir Shannon Scott Williams January 10 th , 2010 ECON220 Unit 2: Discussion Board Microeconomics and Market Systems The winte... -
As an asset management contractor, fulfilling clients demands are very specific and technical due to the expectation. When clients ... -
Sir Shannon Scott Williams January 17 th , 2010 ECON220 Unit 3: Discussion Board Production And Perfect Competition When I th... -
Sir Shannon Scott Williams December 30, 2010 ECON220 Unit 1: Discussion Board Economic Concepts A time ago, around 2008, I m... -
Innovation is define by a product of means to which it introduces a breakthrough in performance, quality, price, and gener...
madotsuki says:
It must be nice having a job.
Poetry of the Day says:
nice post man!
Evan says:
So how do you feel about helping me with my micro and macro economics homework? lol
following and supporting
http://ducks2nucks.blogspot.com/
http://evanztories.blogspot.com/
Benny Lava says:
Thanks for the support.
Supporting and following you also. =)
http://benny-lava.blogspot.com/
jonwinters says:
i would have taken the new job, too. i'm not sure how much managers are affected by the decreasing economy of car sales (at least, not as much as the people earning commission on sales i.e. your underlings), but job diversity is very good looking on a resume.
ggh4k says:
glad to hear that u have these choices available!
speakers4u says:
good post mate. following!
Anonymous says:
Excellent post, I love your theme aswell!
Following! :D
Follow back Ja?
<3
Also, I clicked on one of your ads, they seemed quite appealing to me, possibly you could do the same? <3
SoreLosersGaming says:
Perosonally, I'd have stuck at the safe job, but if you're sure you can quickly get another job even if your new one fails then I suppose there isn't really that much risk!
G says:
nice post - great blog to follow
The Facts of Vidya says:
Have to say I would have stuck with the safe job, rather a comfortable safe and regular income, then risk having no income at all.
Although perhaps thats the wrong attitude to have!
1904 Blogger says:
Way to be a risk taker. I love economics.
Following and supporting
Jordan says:
nice blog, following!
your friend,
ectomorphmuscle.blogspot.com
Anonymous says:
To reach your goal you must take risks in life!
Grats on your new job :D
Gooner Thoughts says:
wow! your website looks GREAT! did you designed on your own?
MKD says:
interesting post :)
following :)
http://the-viral-network.blogspot.com/
Zach says:
Awesome post. Keep up the good work!
-Zach
www.evanztories.blogspot.com
www.ducks2nucks.blogspot.com
Rawr says:
followin you :D
Teakay says:
What if he was just trolling?
Anonymous says:
At least you have solid employment, more than most people can say!
xSilhouettex says:
hmm im not sure what i would do but as you lay it out seems to be the best option.
Following and supporting
http://soontobeclosed.blogspot.com/
YDY says:
followed.... i m just starting economics in high school lol..
heres my blog: http://insane-visions.blogspot.com/