Making a choice

            Everyone has to make decisions. Human always want unlimited choices and things, but sometimes we just have to make a decision because the resources are not limited. Of course, as we have learned that we as consumers being rational will seek to maximize our satisfaction of the goods and services yet firms will seek to maximize their profits. This is refers to Scarcity.

            For instance, I was planning to go Super Junior’s concert last week. Everything went well until I get to know that there was an important English test in school which the date was exactly the same with Super Junior’s concert. Well, which one did I choose? It’s such a hard decision for me to make since Super Junior is my favourite Korean band. I would want to go to their concert desperately but then school test is also important. It concerned about my future as well. At last, school test was the last decision. This is because if I didn’t attempt for the test, I would fail the subject and I have to re-sit. So, school test is the opportunity cost. Opportunity cost means the best alternative forgone after making a choice. It is also describing the relationship of scarcity and choice. However, I had to give up Super Junior’s concert attempt the important English test to get a good result.

            In life, we really have to make decision on everything. Wise decisions lead to good ending. Even though sometimes we are forced to give up our favourite thing, we tend to receive something more precious and priceless.

CONCERT???

OR

IMPORTANT ENGLISH TEST???