Cost of Opportunity free essay sample

Assuming the best choice is made, it is the cost incurred by not enjoying the benefit that would be had by taking the second best choice available. [1] The New Oxford American Dictionary defines it as the loss of potential gain from other alternatives when one alternative is chosen. Opportunity cost is a key concept in economics, and has been described as expressing the basic relationship between scarcity and choice. [2] The notion of opportunity cost plays a crucial part in ensuring that scarce resources are used efficiently. [3] Thus, opportunity costs are not restricted to monetary or financial costs: the real cost of output forgone, lost time, pleasure or any other benefit that provides utility should also be considered opportunity costs. Contents [hide] 1 History 2 Opportunity costs in consumption 3 Opportunity costs in production 3. 1 Explicit costs Implicit costs 4 Non-monetary opportunity costs 5 Evaluation 6 See also 7 References 8 External links History [edit] The term was coined in 1914 by Austrian economist Friedrich von Wieser in his book Theorie der gesellschaftlichen Wirtschaft. We will write a custom essay sample on Cost of Opportunity or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page [4] It was first described in 1848 by French classical economist Frederic Bastiat in his essay What Is Seen and What Is Not Seen. Opportunity costs in consumption [edit] Opportunity cost may be expressed in terms of anything which is of value. For example, an individual might decide to use a period of vacation time for  travel rather than to do household repairs. The opportunity cost of the trip could be said to be the forgone home renovation. [citation needed] Opportunity costs in production [edit] Opportunity costs may be assessed in the decision-making process of production. If the workers on a farm can produce either one million pounds of wheat or two million pounds of barley, then the opportunity cost of producing one pound of wheat is the two pounds of barley forgone (assuming the production possibilities frontier is linear). Firms would make rational decisions by weighing the sacrifices involved. Explicit costs [edit] Explicit costs are opportunity costs that involve direct monetary payment by producers. The opportunity cost of the factors of production not already owned by a producer is the price that the producer has to pay for them. For instance, a firm spends $100 on electrical power consumed, their opportunity cost is $100. The firm has sacrificed $100, which could have been spent on other factors of production. Implicit costs [edit] Implicit costs are the opportunity costs in factors of production that a producer already owns. They are equivalent to what the factors could earn for the firm in alternative uses, either operated within the firm or rent out to other firms. For example, a firm pays $300 a month all year for rent on a warehouse that only holds product for six months each year. The firm could rent the warehouse out for the unused six months, at any price (assuming a year-long lease requirement), and that would be the cost that could be spent on other factors of production. Non-monetary opportunity costs [edit] Opportunity costs are not always monetary units or being able to produce one good over another. The opportunity cost can also be unknown, or spawn a series of infinite sub opportunity costs. For instance, an individual could choose not to ask a girl out on a date, in an attempt to make her more interested (playing hard to get), but the opportunity cost could be that they get ignored which could result in other opportunities being lost. Evaluation [edit] Note that opportunity cost is not the sum of the available alternatives when those alternatives are, in turn, mutually exclusive to each other – it is the value of the next best use. The opportunity cost of a citys decision to build the hospital on its vacant land is the loss of the land for a sporting center, or the inability to use the land for a parking lot, or the money which could have been made from selling the land. Use for any one of those purposes would preclude the possibility to implement any of the other. See also [edit] Economics portal Budget constraint Economic value added Opportunity cost of capital Parable of the broken window Production-possibility frontier There Aint No Such Thing As A Free Lunch Time management Trade-off

Tutor Marked for Summative Evaluation Proposal-myassignmenthelp

Question: Write about theTutor Marked for Summative Evaluation Proposal. Answer: Introduction Research is an instrumental part of understanding social issues. However, conducting sociological investigations is a challenging task because of the dynamic attribute of the society. According to Rubin and Babbie (2016), it is vital for researchers to adopt research designs that aim at eradicating partiality. Although Rubin and Babbie (2016) point out that it is impossible to have a perfect research design, it is essential to ensure that the research outcomes and interpretations are valid and reliable. This summative evaluation proposal analyzes the research bias in adopting the one group pretest-posttest design proposed and suggests a suitable approach to attain the directors directives. Research Bias in Adopting One Group Pretest-Posttest Design The one group pretest-posttest design is widely applied because of its simplicity and time consciousness. According to Rubin and Babbie (2016), this methodology entails measuring the dependent variable in a single group in a pretest, then, administering the trial stimuli and post-measuring the dependent variable in the posttest. The image below is an illustration of how a one group pretest-posttest method operates. Source: (Rubin Babbie, 2016,p. 254) However, scholars have disparaged this procedure claiming that it is biased. Particularly, the one group pretest-posttest framework has been faulted for its bias and threats to internal validity. According to Rubin and Babbie (2016), the one group pretest-posttest design fails to consider other factors that affect research outcome other than the stimuli utilized in the study. Logically, the society is not static. In this respect, there is a high possibility of externalities altering the observations. For instance, in the case of the community program, externalities like prior knowledge, an interaction between study subjects, and employers preferences can affect the employability skills evaluation and time taken to secure a job. Additionally, the method compromises internal validity. According to Rubin and Babbie (2016), internal validity in this methodology is affected by maturation, testing, and instrumentation. Maturation refers to the alteration in observations due to changes in time. There are some employability skills which develop with time. For example, a skill like communication evolves with time. In this respect, since the one group pretest-posttest method lacks a control group, it is impossible to rule out the effect of maturation on the research outcomes. On the other hand, the act of giving the study group a pretest can have a significant implication on the posttest results. For example, taking an employability skills test for the second time can cause an improved performance which might not be due to the effectiveness of the training program. A person taking a test for the second time is likely to score higher than one who is tackling it for the first time. Instrumentation is another factor that imposes bias and lowers internal validity when using a one group pretest-posttest method. The instruments used to make the observations are essential in exhibiting the effect of the stimuli on the study subject. For instance, in the case of the community assessment, the people who will be offering the training are not the ones giving out the employment. In this respect, the variation in skills required by different employers can affect the results of the study. Since the one group pretest-posttest method lacks randomization, it entails assignment bias. Consequently, this research design will not be sufficient in addressing the two research objectives outlined for the community assessment study. Recommended Design The posttest-only control group research design is the best method for this assessment. According to Rubin and Babbie (2016), the posttest-only control group method provides optimum control for threats to internal validity by randomly assigning the study participants to experimental and control groups. Notably, the control group was lacking in the one group pretest-post test approach. The essence of having a control group is to make comparisons of the effects of the treatment applied to the study subjects. Additionally, the random allocation of the study subjects minimizes the selection bias. For example, in the community study, participants will be randomly allocated to the groups. The reason for randomizing group allocation is to come up with varied study participants. In fact, the posttest-only control group design addresses almost all the bias and internal validity concerns raised while using the one group pretest-posttest strategy. Firstly, Rubin and Babbie (2016) point out that the posttest-only control group framework solves the maturation issues. According to Rubin and Babbie (2016), if the maturation can influence the study observations, then, it should be influential in both the experimental and the control groups. Since the maturation effect is observed in both groups, its effects on the study outcomes and interpretation become insignificant. Additionally, randomization eliminates any significant differences between the experimental and control groups. In this respect, both groups are regarded as equal before the application of the training program. Moreover, Rubin and Babbie (2016) posit that since random assignment is used in the posttest-only control group research design, statistical regression effects are suppressed. In the posttest-only control group design, bias introduced by the pretest is eliminated. As earlier elaborated, pretesting can have a significant impact on how the study subjects respond to the posttest. In this case, the posttest-only control group method ensures that all the changes observed in the study emanate from the effects of the stimuli applied. Furthermore, for the community study objectives, it is impossible to pretest some of the activities. For instance, it is challenging to pretest time used to find employment. Consequently, using the posttest-only control group design eradicates these comp lications. Assumptions in Implementing the Posttest-only Control Group Design In any research study, it is difficult to control all the factors that can alter the outcomes. Particularly, in social studies which occur in uncontrolled environments, researchers must make some assumption in their studies. Unlike laboratory- based experiments where all conditions can be controlled, the society is more complex to manage. In the posttest-only control group study, it is assumed that the random assignment of subjects removes any significant initial variations between the experimental and control groups(Rubin Babbie, 2016). Remember, all research studies are supposed to be impartial, and randomization is used to pursue this course.Additionally, in this method, its is assumed that any interactions between the two study groups will not have significant implications on the result. In a community set-up, one cannot completely restrict the interaction between the study subjects. Cultural Competence and Ethics In Evaluation Study When dealing with individuals from varying cultural backgrounds, it is vital to observe the appropriate cultural competency and ethical standards. According to Rubin and Babbie (2016), cultural competence implies being conscious of and responding appropriately to how cultural variations and factors influence research and its interpretations. The person conducting an investigation should appreciate that cultures differ and people attach value to their cultures. In this respect, all the tools and procedures that are utilized in conducting social research must illustrate high levels of cultural competence and ethics. According to Rubin and Babbie (2016), involving sufficient and representative participants from minority and oppressed population is one of the ways of illustrating cultural competency. Researchers should not discriminate a given section of a population. Instead, researchers should focus on attaining equality when selecting their study subjects. With scientists striving at attaining both internal and external validity in their studies, it is essential to use study subjects that reflect the diverse attributes of the community. In this respect, this evaluation study will ensure that its participants reflect the status of the community. Additionally, the assessment will avoid any elements ethnocentrism. The use of cultural stereotypes introduces bias and affects the validity of research outcomes. Additionally, before conducting the evaluation, it will be vital to seek permission from the community leaders and members. Seeking the consent of the participating community is a crucial way of ensuring that a study agrees with ethical standards (Rubin Babbie, 2016). Apart from ensuring equality and seeking the consent of the community, this evaluation will also use approved methodologies to address its objectives. According to Rubin and Babbie (2016), ethically oriented studies should use methods that are acceptable in the field of practice. In this respect, the evaluation will utilize internationally recognized research methods and maintain the confidentiality of involved subjects. The evaluation will take several actions to ensure that it is conducted in a way that is sensitive and appropriate for low-income families. Firstly, the participants will be adequately compensated during the research period. Secondly, transportation will be provided for all the participating individuals during the assessment period. Additionally, the ministry will source for employers where the members can apply for employment after the evaluation period. The evaluation will also be designed in a way that it does not harm the participants healthwise. Finally, the ministry will offer additional insight to the community members on ways of increasing their income. Importantly, all these strategies are directed towards improving the economic position of the participating community. Conclusion Conclusively, it is essential to use research methods that optimize validity and reliability. Despite the one group pretest-posttest approach using limited resources, it compromises internal validity. In this respect, using the posttest-only control group design will ensure that the observations are valid. Furthermore, the evaluation will comply with all the ethical requirements in conducting social research and ensure that it is sensitive to the needs of the participating low-income families. References Rubin, A., Babbie, E. R. (2016). Empowerment Series: Research Methods for Social Work (9th ed.). Boston: Cengage Learning.

College Entrance Essay Samples

College Entrance Essay SamplesAre you going to college this year? College entrance essays are perhaps the most difficult part of college admissions for most applicants. They're written by college admission consultants and prospective students.Many college entrance essays are written in first person. That is, they are designed as an essay about what the student wants the reader to know about him or her. Sometimes students will use first person narration to describe something happening to them during a particular time period. Another common type of college entrance essay sample is one where the student tells the story of their achievements in the past, present and future.College entrance essay samples don't always focus on something positive. Sometimes they use negative language and create problems for the reader. They might be overly dramatic, stating facts that aren't factual. They may also use figurative language instead of simple, direct communication.Other times, colleges may use college entrance essay samples that use false or misleading information to make a point about something important, such as credit for employment. While this can be useful in some cases, it isn't always appropriate. It can also get a person in trouble at school, if the situation is presented incorrectly.As with other types of admissions writing, there are a number of types of college entrance essay samples. These include:The first section of the essay is the introduction. This is a strong section of the essay, because it identifies the applicant and includes a personal statement about his or her learning and personal history.The second part of the essay is the body of the essay. This includes a discussion of the applicant's skills, experiences and qualifications. This section can include math problems, data, literature and art pieces.

Providing Child Care Centers

A Study On Badrinath Tourism Essay Example

A Study On Badrinath Tourism Essay Example A Study On Badrinath Tourism Essay A Study On Badrinath Tourism Essay Nestled in the shadow of the Nilkantha extremum, in the northern Indian province of Uttarakhand, lies one the the most august shrines for Hindu pilgrims Badrinath. Badrinath is in the Chamoli territory of Uttarakhand, in the Garhwal hills, and lies on the Bankss of the Alakhnanda river. Significance The town of Badrinath has ever found a outstanding reference in spiritual Hindu texts and Bibles and was established as a major pilgrims journey site in the 9th century by Adi Shankara. Mythology has it that Lord Vishnu had chosen this town for repentance to guarantee the public assistance of all existences. Badrinath is besides one of the char dhams ( the four residences ) that have enormous spiritual significance amongst devout Hindus. Attractions The Badrinath Temple: The temple, built by Adi Shankara, is the outstanding attractive force of Badrinath and attracts 1000s of visitants every twelvemonth who come to seek the godly approvals of Lord Vishnu. The chief shrine houses the balck rock graven image of Lord Badrinarayan sitting under a gold canopy, under a Badri tree. Lord Badrinath is the presiding divinity but there are several other divinities that are worshipped at this temple. Tapt Kund: Believed to be the residence of Agni, the Hindu God of fire, Tapt kund is a thermic spring that fans take a holy dip before come ining the Badrinath temple. The spring is besides said to hold healing properties.Other celebrated natural springs that can be found at Badrinath are Narad Kund and Suraj Kund. Brahma Kapal: On the Bankss of the river Alakhnanda, this is where pilgrims perform rites for their departed near and beloved 1s. Sheshnetra: This is a stone bowlder with an feeling of Sheshnag, a fabulous snake. You can besides see Charanpaduka a bowlder that bears Lord Vishnu s footmarks. Alka Puri: Is where the dare tourer goes in hunt of escapade. This topographic point is celebrated for white H2O rafting. Panch Prayag: While in Badrinath, be certain to see the Panch Prayag, once more of spiritual importance. Devprayag is celebrated for its stone letterings, Rudranath is celebrated for Chamunda Devi temple, Nandaprayag is known for the Gopalji temple, Karnaprayag for temples of Uma A ; Karna and Vishnuprayag is the topographic point where people flock to see the Lord Vishnu temple. How to Reach You could wing to Jolly Grant, approximately 300 kilometers from Badrinath, and so catch a coach drive to Badrinath. The nearest rail station is Rishikesh which is 297 kilometer from Badrinath. Bing a topographic point of spiritual significance, Badrinath is good connected by route to the tourer musca volitanss nearby viz. Rishikesh, Haridwar A ; Dheradun from where you could take a coach and drive to Badrinath. We recommend the coach drive as you will acquire to see breathless scenery on the manner to Badrinath.

Business Law Essay Example | Topics and Well Written Essays - 1000 words - 22

Business Law - Essay Example The advantages associated with filing the patent are that Dan’s product will be protected from infringement by others, of his patent. Specifically, by registering the patent in the UK, Dan’s new product will be safeguarded and protected from infringement in the UK; however by filing an application under the Patent Cooperation treaty, the new cement product will be protected in foreign countries as well (Oleska, 2002). The EU Directive 85/337/EEC requires products to be environmentally safe, which would apply in this case. The EU Industrial emissions Directive (2008/1/EC of 2008), coupled with the Integrated Pollution Prevention and Control Directive must both be satisfied in reference to the production process for Dan’s product, since the IED is also to be applied in the case of production of cement (Smith, 2010). Conforming to the requirements under the Directives would ensure that patent protection remains operational. Registering a patent would ensure that Dan gets the full benefit of all the economic rewards, such as royalties, etc, associated with the marketing of the cement and potential competitors cannot capitalize on them and develop a similar cement at a lower price. One Dan has a patent, the cement can be marketed at a good price because it gives him the exclusive rights over the product. Since a patent is an intellectual property, it is something that Dan can choose to sell or transfer at a later date, and it also provides an indication of his intent to market the cement commercially. It allows him to retain the monopoly over his product for a certain duration of time. One of the drawbacks associated with obtaining a patent is the need to disclose all the details about the product, Dan would be obliged to disclose fully in his patent, how his cement is environmentally friendly. This leads to the associated disadvantage, i.e., Business law Essay Example | Topics and Well Written Essays - 1500 words - 1 Business law - Essay Example This piece of research paper attempts to draft a brief explanation about limited liability partnership, by comparing features, advantages and disadvantages of both ‘partnership’ and ‘limited liability’. This paper will detail legal aspects limited liability, binding of limited liability partnership agreement, separate legal entity and various other important business concepts. Limited Liability Partnership The Limited Liability Partnership (LLP) is a form of business designed and developed mostly for professionals like attorneys, lawyers and accountants, who normally like to do business in a partnership form (Miller and Jentz 2009, p. 538). It is relatively a newer form of partnership that allows professionals the tax benefits of partnership while taking advantages by avoiding personal liabilities for the malpractice or otherwise dishonest activities of other partners (Kuratko 2008, p. 197). Limited liability partnership is very similar to limited liability companies in terms of liability of the business created by the practice of other partners. In partnership, it is very likely that innocent partners also may get liable for the wrong-doings of other partners, but such liability arising out of others’ doings that cannot be legally or in terms of business justified can be shielded up to an extent by forming a limited liability partnership or converting the existing partnership to LLP form. Limited liability partnership is very similar to the limited liability company except that LLPs are designed mainly for professionals who normally do business in partnership. As (Kuratko 2008, p. 197) discussed, limited liability companies are legally required to be compliant and strictly adherent to the concerned country’s prevailing company registration law. Similarly, LLPs are also required to be compliant with the state statues; for instance Bahraini Law, or UK law etc. As Miller and Jentz (2009, p. 538) pointed, the major advantage s of limited liability partnership is that it allows a partnership to continue as a pass-through entity for tax purposes, but limits the liability of partners. This form of business ownership has advantages of corporate limited liability and at the same time the members of the firm can define the sustentative relationship between partners by an agreement between themselves. This form of business is a separate legal entity ‘owned’ by the members themselves (Ahmadu and Hughes 2006, p. 14). Moye (2004, p. 74) has outlined a legal perspective on limited liability partnership. According to him, limited liability partnership is an existing general partnership that is converted or a new partnership that is formed in a way that its individual partners will be shielded from personal liability, except to the extent of debts or liabilities caused by partners’ own conduct or as otherwise provided by the partnership agreement. Legally, both limited liability partnership and a gency are closely related in relation to their liabilities. An agent is personally liable for his own conduct and similarly a partner in limited liability partnership is personally liable for his own conduct or any loss caused by his malpractice (Moye 2004, p. 74).

CIS 375 Week 2 Assingment Assignment Example | Topics and Well Written Essays - 1000 words

CIS 375 Week 2 Assingment - Assignment Example The section below provides a comparison between the metaphors used in the two interfaces. Metaphors are a basis for the interaction and communication between the user and the computer. According to Carroll, Mack, & Kellogg (2007), applications utilizing menu driven screen have metaphors such as mouse pointers and cursors to indicate the motion of the mouse on the screen. This metaphor has been replaced all together on the multi-touch screen interface. The mouse driven interfaces are operated by dragging the cursor on the screen and effecting commands by clicking. Underling concepts of the application are presented in form of icons for a user to understand. Both the mouse driven and multi-touch screens use icons to represent underlying application concepts (Carroll et al, 2007). For instance the recycle bin is used to represent deleted items. Mouse driven screen interface uses the desktop metaphor which is a unifying concept that helps users to easily use a computer. The desktop metaphor treats the computer monitor as the user’s interaction point. Here, objects such as documents, files, folders and other accessories are placed. On the other hand the multi-touch screens use the home metaphor where all applications can be accessed by the user. In other applications that use both the mouse driven and multi touch screens both the home screen and the desktop metaphors can be used (Carroll et al, 2007). Multi-touch screens allow moving layered views to allow the user to view content beneath them; the screen also uses swiping as a way of viewing different windows. Additionally, the interface uses the dragging, flicking and swiping objects on the screen. This is common when playing games and performing other basic tasks (Carroll et al, 2007). The mouse driven screen will perform this tasks using the minimizing and maximizing option on the window. This interface also utilizes the dragging metaphor for movement of objects on