- •1. Economic environment. Economic goods and services.
- •2. Costs of production. Opportunity costs. Tradeoffs.
- •3. Utility and prices.
- •4. Income and spending
- •5. Recruitment. The letter of application. Cv.
- •6. Markets and monopolies. Markets. Competition. Monopoly.
- •7. Pricing policies.
- •8. Economic growth. Costs of economic growth.
- •9. The nation's economy. Gnp. Economic indicators.
- •10. Money. Banking and monetary policy. Money: roles, forms, functions.
- •11. The supply of money.
- •12. The role of central banks and commercial banks.
- •13. Forms of money.
- •14. Types of bank accounts.
- •15. Making a personal budget.
- •16. The Value of a college education.
- •17. Comparing prices.
- •18. Finding a job.
- •19. The rights of a customer and the responsibilities of a supplier.
- •20. Costs of economic growth. Labour problems.
- •21. An annual report of the company.
16. The Value of a college education.
Every year millions of students graduate from high school. The decisions they make will affect the rest of their lives. Some will choose to go to college; some will want to get full-time jobs; others will decide to obtain technical job training. In every case, economic reasoning will help students make better choices.
Everybody decides to consider the costs and trade-offs connected with a decision to go to college. And the main question in this situation is like: Is a college education worth the expense in terms of immediate and future personal growth and economic well-being?
The opportunity costs of going to college involve a loss of income and a loss, of practical job experience while attending college. Lets consider two mans: The Education Level of the first one is less than 12 years and his Projected Lifetime Earnings is $850,000; The Education Level of the second one is 5 years college and his Projected Lifetime Earnings is $1.500.000. We see a big difference between them. The trade-offs involved in going to college include using time and money now to gain greater advantages in the future. But somebody thinks that if you could invest $ 30.000 now, for instance, forego a college education, and with your investment returns still have the same lifetime earning power as a college. It's of course can be true but where do you get $30,000 if you don't have education? Besides nobody will give you a job if you haven't got education and knowledge. And I am sure that my further education is worth the time and money involved.
17. Comparing prices.
To understand how buying decisions are made I would advise you to make a shopping list of 10 basic food items, then go to several shops and find out the range of unit cost for each item.
To begin with you should consider the first step "What kind?". The variety of a certain commodity in a supermarket is often confusing, there are dozens of different brands.
The next step under discussion should be "How much?". After deciding what kind of commodity to buy, consumers generally consider the price.
1 suggest that the next step can be: "How good?". Sometimes evaluating the quality of a product can be difficult for the customer.
Being a wise consumer is never easy. A wide variety of prices, brands, sizes and advertising gimmicks influence you when you enter a store.
Firstly I would advise you to decide what kind of product you need. Eventually there are many things that influence what you buy. Buying in quantity can often help us spend less.
At the same time there is one more very important factor influencing buyer's decision - advertising.
My personal opinion is that ads are usually one-sided and emphasize only the good qualities of a product. You probably know how ads try to attract consumers by appealing to their emotions.
Many factors influence buying decisions, and choices are not simple for consumers. It's absolutely true that smart buyers must obtain product information and then compare and evaluate that information.