Opportunity Costs/Maximizing Happiness (Opportunity Costs (The cost of…
Opportunity Costs/Maximizing Happiness
The cost of doing something instead of the alternative
Example: I chose to eat cereal for breakfast instead of toast. The cost of making that decision is that I don't get to have toast that morning. That cost is the opportunity cost.
Another phrase for a tradeoff
There are different ways business can be pleased.
Providing for their community
This can help bring in more business for them.
Example: Lowe's sends its employees to do community service. This gives them a good appearance which gains peoples' trust allowing them to get more business.
People find happiness in spending money on things like vacations, vehicles, houses, etc.
Other people find happiness in saving their money for a later date or reason. Like I would put money into the bank for college tuition.
Some people find happiness in ripping other people off like Ebenezer Scrooge.
This influences peoples' decisions on what to do.
Example: If Mr. Hills bought tickets to a play in Portland he can't get that money refunded. So if the weather is bad that day, the thought that not going would be a waste of money effects his decision of whether to go or not.
The money is spent and can't be gotten back.