YOGHURT OR UNIVERSIY? PDG 03/12

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Yoghurt : Explaining S, C and OP Costs PDG 03/12

hi

Opportunity costs involved

IF business fails, capital will be totally lost

IF business fails, he will be unable to find a well-paying job as his academic qualifications : only up to A LEVEL

If he wants a better job, he would have to enrol into a university for a degree or poly to obtain a diploma.

WASTE TIME AND $!!!

Lesser time for other things eg. Self, family, friends, social life

Time used to research

Time used to manage stall

Time dedicated to establishing own business

Will not obtain a Degree

Unable to find a job that yields a higher salary IF own business fails.

Can't experience lifestyle in Uni

Choice made

Yoghurt stall to be set up in AMK

After this choice has been made, there will be opportunity costs involved

Scarcity faced

but when we make a choice, there are opportunity costs involved!

therefore we can only choose to allocate our scarce resources to 1 of the choice.

RESOURCES : MONEY, TIME and ENERGY

hence, with limited resources for unlimited wants, SCARCITY is present

These are ALL LIMITED

Wants : UNI or OWN BUSINESS