Premium Essay

Gary Brockington

In: Business and Management

Submitted By gzbrockington
Words 537
Pages 3
How People Make Economic Decisions Paper
Gary Brockington
Anil Marthur

How People Make Economic Decisions Paper People make economic decisions every day throughout their lives. In this paper I will describe the three economic principles of individual decision-making. I will provide an example of a decision which I took part in and compared the marginal benefits against the marginal costs. I will also give those marginal benefits and costs acquainted with that decision. I will tell which incentives could have led me into making a different decision. Last I will explain how the principles of economics affect people’s decisions, interaction, and how the economy works as a whole. There are three economic ideas concerning people who have to make economic decisions. One is people are rational. This means that an individual always weighs the benefits and costs, and make their decisions only if the benefits outweighs the costs (Hubbard, O’Brian, 2010). The second economic idea is people always respond to economic incentives. This simply means that people respond to incentives from variety of motives (Hubbard, O’Brian, 2010). The third idea is that optimal decisions are made at the margin. This means that when he or she is making a decision in which they are going to hit the jackpot or lose everything. There have been many cases in which I had to look at the marginal costs and the marginal benefits. The biggest decision I had to make was whether I was going to go back to college. I compared the marginal costs versus the marginal benefits. I found the marginal benefits of going back to school to be extremely higher than the marginal costs. The marginal costs would be me being able to pay for college after I graduate. The marginal benefits were higher due to the fact of how much money I will be making once I finish my degree. The Economic...

Similar Documents

Premium Essay

General Discussion of Time Allocation and Foregone Earnings -----Article Review of a Theory of the Allocation of Time

...General discussion of time allocation and foregone earnings -----Article review of A Theory of the Allocation of Time Yumeng Han 13132283 Introduction Time is the most precious resource during the producing processes and the daily life, it is a vector which cannot be regenerated or repeated. What’s more, from the economic point of view, Klein (2002) indicated that the technology revolution improved the productive forces and efficiency, advancement of medicine also extended the average length of life of people, while the basic unit of time itself would not change at all. Under this situation, economists and other experts are always working on the strategies of the allocation of time for single person, families and organizations. Based on Gary Becker’s work in 1965, this article will talk about several subjects related to the time allocation. Firstly, it will focus on the foregone earnings, which can be regard as the reason of allocating the time. Secondly, this essay will give a short discussion of the theory of the allocation of time. In the last part, it will present some arguments of the limitations about the theory and some other economic models. Foregone Earnings In the reality, during a constant period of time, if people attempt to be able to do something, they always need to give up the chance of doing other things, and the differences between the benefits brought by the two groups of things could be called as the foregone earnings or the opportunity......

Words: 2401 - Pages: 10

Free Essay

First Essay

...": U.S. Show/Hide Brasil BR Canada CA Deutschland DE España ES France FR Ελλάδα (Greece) GR India IN Italia IT 日本 (Japan) JP 한국 (Korea) KR Maghreb MG United Kingdom UK United States US Newsletters Top of Form Get EntertainmentNewsletters Email address Enter Email Address Bottom of Form Huffington Post Search Top of Form Search The Huffington Post Enter Search Terms Submit Search Bottom of Form iOS app Android app More Desktop Alerts Log in Create Account $USERNAME Desktop Notifications Profile Settings Logout FRONT PAGE Politics The Levy Breaks: Democrats Rage Against Obama Over Wall Street Giveaway 0 The Speech That Could Make Elizabeth Warren the Next President of the United States 0 Lawsuit Settled Involving Ferguson Officer Who Allegedly Choked, Hog-Tied A 12-Year-Old 424 GOP Senator Mansplains Democracy To Elizabeth Warren 0 Obama's New Triangulation Strategy Has Democrats On Edge 654 Go to Politics More in Politics Pollster Politics Blog Off The Bus Election Maps Pollster You Might Also Like WorldPost Green Black Voices Latino Voices Gay Voices Business Black-White Wealth Gap Has Reached A 24-Year High 58 RadioShack Planning More Store Closures, Layoffs To Avoid Collapse 28 'Eat More Kale' Guy Beats Chick-fil-A 28 Hurry Up! Big Obamacare Deadline Coming Monday 134 For 'The Interview,' Even Negative Publicity (Like A Massive Sony Hack) Is Good Publicity 11 Go to Business......

Words: 2560 - Pages: 11

Premium Essay

Human Resources Management Homework Week 1

...Human Resources Management Homework Week 1 Chapter 1 Question 1 I do think people are an organization's most valuable assets because people bring human capital to the organization. One would think that nowadays in times with so much technology, we would not need people as much in a company, but the truth is that without people a company or organization would not be able to succeed. Human capital is one of the most valuable assets a company could have. Having good employees and investing in them will ensure a company will keep growing and succeeding. The primary reason for the need of people in an organization is that, people are the fuel of an organization to run, maintaining the organization's structure and so forth. Without people, an organization will not exist and will never accomplish their function. Then, numerous grounds can be linked to the importance of human capital. (Becker) I also think that cultural diversity could be an asset to an organization because each person brings unique experiences and perceptions. Each employee in a diverse workplace possesses unique strengths, knowledge and skills derived from their culture, and when managed properly it can influence the strengths and complement the weakness of each worker to make a greater workforce. Chapter 2 Question 2 Some of the forces that influence a firm's strategy are the company's rival, new entrants, substitutes, and supplies. The......

Words: 352 - Pages: 2

Free Essay


...Introduction (5-15 seconds) (Attention Getter) Aristotle, a Greek Philosopher, once said “Happiness is the meaning and the purpose of life, the whole aim and end of human existence.” None of us know when our time is up on this earth. This is why we must live each day to the fullest. (Preview) Today I'm going to share with you some things things I would like to do before my time is up on Earth. Body (2-3 min.) I. Plan a trip to Chicago A. Tourists Attractions Navy Pier, Lincoln Park Zoo B. Go see a Chicago Cubs game Grew up loving Baseball and the Cubs C. Go see a Chicago Blackhawks game (Transition: The second thing I would like to do is to travel to Scotland.) II. Travel to Scotland with my family A. Play golf at St. Andrews with my dad Love to play golf, this is known as the home of Golf B. Tourists Attractions Castles, Loch Ness C. Restaurants to visit (Transition: And last, I'd like to go to all 4 Major Golf Tournaments on the PGA Tour.) III. Go to all 4 PGA Tour Majors A. The Masters with dad Augusta, GA, tournament played here every year B. U.S. Open Our national Championship for Golf C. The OPEN Championship (Europe) D. PGA Championship Conclusion (5-10 seconds) In closing, it's hard coming up with the exact things you want to do before you leave this planet. With that being said, I've shared with you today some things that I would love......

Words: 315 - Pages: 2

Free Essay

Happiness Store

...Anh Nguyen Professor Wegley ENG 102 18 January 2014 The Happiness Store: A Place to be Happy in Less Mundane Ways Gary Larson has brought laughter to many people by his popular long-running comic called The Far Side. In one of these cartoon series, the character names Crawley was told by his friends: “You cannot buy happiness”. However, “Mr. Crawley surmised that they just didn’t know where the store was” (Figure 1). Humorously, Mr. Crawley’s conclusion about the reason why his friends could never buy happiness may be comical and eccentric, but it conveys Larson’s message about a common and reflective argument in our life as he identifies people’s different aspects of happiness and ways to accomplish it. Is simply painted in black and white with captions at the bottom, the single rectangular panel makes it easier for the readers to recognize Larson’s typical painting style and his message throughout the comic. Looking at the panel, what impresses viewers at the first glance is the “Happiness” store with a remarkable, large signboard on the corner of a crowded street. On the pane of glass, there are several flyers for advertisement such as “Complete your life”. Besides, that store selling happiness is the place which Mr. Crawley’s friends – the characters in the comic did not know. Thus, they were unable to purchase happiness. The hilarious point is that “happiness” is an abstract, ungraspable definition; how come there is a store selling it?......

Words: 944 - Pages: 4

Free Essay

Example of Classification

...Fan Bases Fans are important for motivating their team and making it hard for opponents to play well, whether they are bandwagon fans, completely berserk, or almost non-existent. Loud, lively fans motivate their players to play better and make it a disadvantage for the opponents to play them. The Cameron Crazies of Duke Basketball are some of the most dedicated fans in basketball. For rivalry games, over a thousand Cameron Crazies camp for three months in Krzyzewskiville, or the makeshift city the fans make outside Cameron Indoor Stadium, just to get a spot for the game. They go to every game prepared with chants and have even made cheerleaders of the opposing team cry. Some television networks had to turn off the sound temporarily during the game because of the chants. Next, bandwagon fans only root for their favorite team when they are on a winning streak or have won a championship. After winning a NBA Championship in 2012, the Miami Heat was notorious for having the most bandwagon fans. It was especially obvious when fans walked out of Game Six in the 2013 NBA Finals a few minutes early and missed watching the Heat comeback for the win. With the 2013 NBA Championship win, they have the most bandwagon fans in basketball. Finally, some fans almost never attend any games. The Eastern Michigan Eagles have the lowest attendance in college football with the average of a sixth of the stadium being filled each game. More people show up to watch big time programs like LSU......

Words: 294 - Pages: 2

Premium Essay

Negotiating on Thin Ice

...The existing collective bargaining agreement between the National Hockey League and its players expired on September 15, 2004. Each side had failed to negotiate a new collective bargaining agreement. The NHL Commissioner Gary Bettman locked out the players by cancelling the season. The key issues at hand were the league’s demand for a salary cap and linking the salaries to the league’s revenues. The NHL Players did not like these demands. The NHL is a popular past time for both the Americans and the Canadians. Both the NHL & players should have been able to reach an agreement earlier in the year. This lockdown lasted over five months, and then the season was cancelled. Another reason that both sides should have agreed is that NHL is a profit making business. The hockey players make the money for playing a sport that they love and the NHL is providing a service that the Americans and the Canadians love to watch. There were many barriers in reaching a negotiated agreement. These barriers delayed the progress of a negotiation and it negatively affected its chances of any type of success. The personalities of Bettman and Goodenow were adversarial tactical. There was a lack of trust between Bettman and Goodenow. There were even communication barriers as well. Bettman and Goodenow should be the ones to anticipate and overcome any barriers as they represented both sides. Goodenow and Bettman came into their positions in the early 1990’s. Both men had performed well......

Words: 1033 - Pages: 5

Free Essay

Segmentaion Target Positioning of Luxuary Cars

...Early life Prahalad was the ninth of eleven children born in 1941 in to a Kannada speaking family in Coimbatore, Tamil Nadu. His father was a well-known Sanskrit scholar and judge in Chennai[citation needed]. At 19, he joined Union Carbide, he was recruited by the manager of the local Union Carbide battery plant after completing his B.Sc degree in Physics from Loyola College, Chennai, part of the University of Madras. He worked there for four years. Prahalad called his Union Carbide experience a major inflection point in his life. Four years later, he did his post graduate work in management at the Indian Institute of Management Ahmedabad. At Harvard Business School, Prahalad wrote a doctoral thesis on multinational management in just two and a half years, graduating with a D.B.A. degree in 1975.[4] [edit] Professorship and teaching After graduating from Harvard, Prahalad returned to his master's degree alma mater, the Indian Institute of Management Ahmedabad. But he soon returned to the United States, when in 1977, he was hired by the Stephen M. Ross School of Business at the University of Michigan, where he advanced to the top tenured appointment as a full professor. In 2005, Prahalad earned the university's highest distinction, Distinguished University Professor. On April 16, 2010, Prahalad died of a previously undiagnosed lung illness in San Diego, California.[2] He was sixty nine years old when he passed away but he left a large body of work behind. C.K. Prahalad...

Words: 2220 - Pages: 9

Premium Essay

Garry Leon Ridgway

...I killed the 48 women listed in the states second amended information. In most cases when I killed these women I did not know their names. Most of the time I killed them the first time I met them and I do not have a good memory of their faces. (Seattle - From statement of Green River killer Gary Ridgway, read in court in November 2003 by prosecutor Jeff Baird) Gary Leon Ridgway, known as the Green River Killer, dumping the first five bodies of his victims along the Green River in King County, Washington, pleaded guilty on the 5th November 2003, to the murders of 48 women from 1982 to 1998. He is considered one of the most profilic psycho-serial killer in U.S. history, having one of the longest cases ever to be solved, including other isolated murders. In 1982, many young people had gone missing and this tolled up, over the years. A number of femail victims found dead in isolated parts of King County, Washington. In most cases, skeletal remains were found as the bodies took long to be discovered. Moreoever, most bodies were found nude and with no possessions thus making identification difficult. The "Green River Task Force" was set up in consequence to investigate the killings and track the suspect. At first, due to the large amount of data recieved at the police station in a short period of time, the investigation was delayed and there was not enough resources for the data to be processed and thus some data was lost. A common trait was identified from all the......

Words: 2026 - Pages: 9

Free Essay

Human Capital Theory

...Daria Sociology B2 Human Capital Theory What is human capital? According Schultz (1993), the term “human capital” has been defined as a key element in improving a firm assets and employees in order to increase productive as well as sustain competitive advantage. To sustain competitiveness in the organization human capital becomes an instrument used to increase productivity. The theory of human capital is rooted from the field of macroeconomic development theory (Schultz, 1993). Becker’s (1993) classic book, Human Capital: A Theoretical and Empirical Analysis with special reference to education, illustrates this domain. Becker argues that there are different kinds of capitals that include schooling, a computer training course, expenditures on medical care. And in fact, lectures on the virtues of punctuality and honesty are capital too. In the true sense, they improve health, raise earnings, or add to a person’s appreciation of literature over a lifetime. Consequently, it is fully in keeping with the capital concept as traditionally defined to say that expenditures on education, training, and medical care, etc., are investment in capital. These are not simply costs but investment with valuable returns that can be calculated. Uluslararası Sosyal Arastırmalar Dergisi The Journal of International Social Research Volume 2 / 8 Summer 2009 The Relationship between Human Capital and Firm Performance Human capital is getting wider attention with......

Words: 534 - Pages: 3

Free Essay

Mythological and Modern-Day Heroes Paper

...Mythological and Modern-Day Heroes Paper Over the years, there have been many heroes embarking upon quests, overcoming odds that are extraordinary for the common person and triumphing over evil. Each hero has shared many of the same characteristics as other heroes before him/her. From literature there are the tales of Odysseus, Beowulf and Sherlock Holmes. From popular culture, the tales of Harry Potter and Hogwart’s Castle, Frodo and Bilbo Baggins from the shire and Korben Dallas and Leeloo from the movie “Fifth Element”. Starring Bruce Willis (Korben Dallas), Milla Jovovich (Leeloo) and Gary Oldman (Jean-Baptiste Emanuel Zorg), the modern day hero complete with quest, lady fair and evil provides a pop culture version of the mythological hero and the mythological quest. Korben Dallas’ Hero’s Journey starts off as a regular joe taxi driver in the year 2263. Strong, compassionate, gruff, kind, skilled, intelligent and determined, Korben is the epitome of a hero. The strength of character, will and heart are characteristics shared by all heroes. The skills Korben possesses as well as the keen intellect, seen in his witty repartee, are true standards for a hero. His Achilles’ heel is the inability to express softer emotion. His one failing is not calling his mother. Korben Dallas exemplifies a mythological hero almost solely by his Heroic personality. Throughout the movie, the charisma and manly aura Dallas possesses in great quantities is exhibited by the hero with an...

Words: 759 - Pages: 4

Premium Essay


...Joshua Campbell 11/23/2012 Mr.Ammary English 12 Whose Life was like Wind Three Songs that Relate to me. Mad World - Gary Jules All around me are familiar faces,Worn out places, worn out faces Bright and early for the daily racesGoing nowhere, going nowhere Their tears are filling up their glassesNo expression, no expression Hide my head I wanna drown my sorrowNo tomorrow, no tomorrow And I find it kind of funny, I find it kind of sad, The dreams in which I'm dying are the best I've ever had I find it hard to tell you, I find it hard to take When people run in circles its a very, very Mad world, mad world, mad world The World is in a constant state of illusion. One thing sparks another and it seems as if people live in a world of corruption. There are some things you can’t change. I never understood that saying. I always thought of it as you could only if you try. I’ve been trying to change a lot of things. Hello Hello - Sr-71 Hello Hello I bring you letters from the man you used to know Give in let go To the words that made you feel you weren't alone Now it's funny how we find out Time can solve the mystery but love is only temporary Hello Hello The smile on your face is just For show Inside you screaming let me go Hello Hello Loneliness doesn't make a sound Till I head back underground Girls are just confusing sometimes. You can figure out ways to live without them. Its weird though how we men act around them. We try and bottle up our feelings sometimes as an act of...

Words: 918 - Pages: 4

Free Essay

Map Your Ear

...the maps of ears Journalist Gary Younge’s book draws heavily on his articles for the Guardian newspaper, as he mentions in his acknowledgements, but it isn’t just a collection of his journalism. Who Are We? is partly a memoir and partly a thoughtful and incisive exploration of the politics and political impact of identity, including race, gender, language groups, religion, sexuality in various countries around the world. He sets out to explore To what extent can our various identities be mobilized to accentuate our universal humanity as opposed to separating us off into various, antagonistic camps? One of the most interesting chapters is Me, Myself, I, in which Gary Younge tells some of his own story. Gary Younge was born in 1969 in Hertfordshire, where his parents had settled when they came to Britain from Barbados. He was the youngest of three boys and brought up in a council house, but his parents, like many immigrants, came to England with a good education. He had a spell of teenage membership of the Workers’ Revolutionary Party, then spent a year in Sudan as a volunteer teaching English after finishing school at 17. After university he studied in Paris (where he experienced a lot of racism) and Leningrad (where contrary to the expectations of many of his friends, he was regarded as the quintessential symbol of wealth and Western cool – he was more clearly not Russian than white English students, and he wasn’t African, so it was assumed that he must be wealthy. He is......

Words: 555 - Pages: 3

Premium Essay

Should College Athletes Be Paid

...Persuasive Outline Topic: Should College Athletes be Paid?” Position Statement: Yes, but with terms. [pic] Introduction: Attention Getter: • Do you know how much the University of Missouri-Columbia made in revenue from its football program last year? o Answer: 15.3 million • Do you know how much the University of Missouri-Columbia spent on each football player on its team last year? o $25, 261 * 60 players = $1,515,660 • A difference of about 14 million dollars. Thus, the players on the field are earning less than 1% of the revenue that they are bringing into the University. In comparison, Coach Gary Pinkel makes 2.5 million per year. Audience Motivation: • Although, I will not argue that a college player should make as much as a Coach, the conversation must be had on whether college payers deserve any compensation for extra earnings a University makes off of their name. For example, Texas A&M paid Johnny Manziel (last years Heisman trophy winner) nothing after it made over $50, 000 off of his jerseys sales last year. Although, Manziel does receive a full scholarship to attend the University it does not compare to the amount of revenue that his name brings into the University or the NCAA as a whole. Understandably, not all college athletes are as popular as Manziel but this should not be to Manziel’s detriment and prevent him from earning income he would be entitled to had he not played college......

Words: 887 - Pages: 4

Free Essay

Culure Shock

...1. Introduction 1. Background In 1960, Oberg put forward a theory which is about 4 stages of culture shock. He focused on American travellers. Many people all around the world were travelling more because of improved technology and better transportation. Moreover, it became cheaper to go abroad therefore more people experience anxiety as a result of being in a different culture. 2. Purpose This report investigates how overseas students should get ready before go abroad so they can minimize or prevent culture shock. 3. Scope This report analyses mainly on Oberg’s theory which is about 4 stages of culture shock: honeymoon, crisis, recovery and adjustment. In addition, two changes of Oberg’s theory were discussed. Finally, a seven step plan for managing travel anxiety is also analysed along with the results of a survey on how to minimize culture shock for overseas students living in Melbourne. 4. Research methods/Methodology The information and data used in this report is based on primary sources. We did a questionnaire and it was completed by Swinburne students at Hawthorn. Also we used secondary data which is from internet and periodical resources. 2. Results Culture shock is called as a disease of people who have to go abroad immediately but it can be cure by many ways such as learning about when to shake hands and when to accept or refuse invitation. Getting in a strange culture individually can......

Words: 2518 - Pages: 11