The Cost Of My Next Best Alternative

The United States’ economics were heavily dominated by large business corporations. The leaders of such corporations were heavily responsible for the decline of the cost of living. Between 1870 and 1899, food prices, fuel and lighting prices, and the cost of living made a decline (Document A). This was due to more job opportunities and the many

For each choice I make, there is an opportunity cost. Opportunity cost is the real cost of an item, what I must give up in order to

If tuition is held below equilibrium price, demand will surpass supply. A price below equilibrium is called a price ceiling. Benefits inure to the consumers who get to obtain the tuition at lower cost, and other suppliers also benefit because demand exceeds supply, and buyers will move to substitutes, regardless of price. Excess buyers who want

There is taxes on food, clothes, electronics, bills, cars, and even on pay checks. On the other hand in Mexico you do not get taxed on anything. Also, they do not have many bills. They only pay for water, electricity, food, cable, and phone every two months. The average house in the US has good flooring, walling, rooms, and doors. Also, the furniture is stable and the lawns have grass. It is alright to live in an average home in the US, and you do not worry that much about your water or hot water running out. The average homes in Mexico are not that appealing. There might be flooring, but it is usually cement. The houses are small about the size of an apartment, sometimes even smaller. Depending on what part of Mexico you live in depends on when you have water. Another big problem is that you have to take approximately 10 minute showers so that you do not waste the hot

Assume that the manufacturers of this product lobby the government’s lawmakers, in terms of this product being essential for college students but they are considering halting production due to the lack of profits. The lawmaker’s agree and now set a price floor at $150. What would happen in this market?

The United States of America and Mexico compare and contrast their differences when it comes to education, homeless rates, and their overall standard of living. The U.S and Mexico compare when it comes to homeless rates seeing as the numbers are increasing each year. As for education, Mexico lacks standard education, where as the United States has a higher standard for education. The overall standard of living in both countries is probably the biggest difference the two countries have. Mexico has many prosperous areas to it, but for the most part people who live in Mexico, live poor and on the streets. Children in Mexico usually have to get street jobs in order to help their families with poverty. The United States has its own level of

The first point to compare the two countries is job. What is different between one country and another in relation to job? First, Mexico is a country constituted by millions of habitants where not all its population can have a work in which it can be developed. There are not many job opportunities and it is not related to having a professional career. The jobs in Mexico are of eight hours so the federal law of the work establishes but when you are in the work more of that hour does not mean that, they are going to pay to them because the wages are already established. There is the minimum wage that is 80.04 Mexican pesos which is the lowest amount that the worker must receive in cash for services rendered in a working day. Such a quantity does not actually satisfy the normal needs of a people

Mexico’s population is rising swiftly with a prediction of 135 million by the year 2051. Mexico’s agricultural output does not meet the needs of a growing populace. A majority of these families can't grow enough to feed their own families. Mexico maintains close to a steady 25% unemployment rate. But those who do work, work for very low earnings , and some families survive on money that their immigrant families send them.

The roots of a slower development in Mexico compared to the neighbouring United States can be found in the two different types of colonization that the countries received. North America’s English colonies were based on agriculture and industry in order to create a sustainable community since there was no sign of valuable natural resources to exploit. The settlers of Jamestown, the first successful English colony, brought sugar cane and couldn’t get it to grow so the colonies turn out to be similar to communities inhabited by emigrated British which occupy land by expelling the natives living in the region. The Spanish colonizers in Mexico were luckier in terms of resources found, the area was rich of gold and minerals and most of them were

2. The information listed below is accurate as of 2014. The Mexican economy has a labor force of 52.9 million people. This labor force comprises of 13.4% agriculture, 24.1% industry, and 61.9% services. The services also exceeded $550 billion, which is just under half the $1.3 trillion Mexican economy. During this time period the unemployment rate was reported at 4.8%. The unemployment rate could, however be up to a 25%. Over half of the Mexican population is below the poverty line at 52.3%. Mexico exported $406.4 billion. The major Mexican exports include: manufactured goods, silver, oil and oil products, fruits, vegetables, cotton, and coffee. The United States (U.S.) is Mexico’s largest export partner, contributing to 78.8% of the total exports. Mexico imported $407.1 billion. Mexican imports include: steel mill products, metalworking machines, agricultural machinery, automobile parts, aircraft, aircraft parts, and electrical equipment.1

Opportunity costs are an important aspect to consider when making plans whether to go to college full time or not. An opportunity cost is essentially a decision between two conceivable choices where you judge the advantages of one decision over the other. You can decide to do this or you can decide to do that. I never weighed the scale between college and a job statically, but the result of my choices has affected me greatly.

In this writer’s opinion, opportunity cost is the cost of an action that is given up by choosing a different path. With choosing Bethel’s on-line program, costs that have been given up include time spent with family and time spent on hobbies. A new approach to everyday activities had to be devised in order to accommodate all tasks necessary to continually accomplish everything within this writer’s expectations. Rather than leaving work, going home, enjoying a nice walk in the yard, and preparing dinner, longer hours are spent at work in order to utilize the computer and the company’s internet so that necessary homework is completed. It seems easier to stay later hours at work rather than going home and trying to discipline actions in order

minimum price to be in any way effective, the price must be set above the equilibrium price. If it is set below the equilibrium price, it will have no affect as the market will not sell below

If the government puts in a price ceiling, then the quantity demanded will exceed the quantity supplied, meaning that not enough goods or services will be supplied to satisfy demand. This situation is called a shortage. Because price ceilings are installed in the interests of

This graph shows a price ceiling. P^e shows the legal price the government has set, but P^f shows the price the marginal consumer is willing to pay at Q^s, which is the quantity that the industry is willing to supply. Since P^f > P^e (MC), a deadweight welfare loss results. P^e and Q^e show the equilibrium price. At P^c the quantity demanded is greater than the quantity supplied. This is what causes the shortage.