© February 2014. The world is scarce in every aspect = Limited Resources However human is a greedy race = Unlimited Wants Allocation is the only option.

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© February 2014

The world is scarce in every aspect = Limited Resources However human is a greedy race = Unlimited Wants Allocation is the only option available to satisfy everyone

“You are a very good looking man, but you have limitation in time and money, so you can only have 1 girlfriend.”

YOU HAVE 2 OPTIONS Girl #1: G Good Looking S Smart G Generous A very dear wife Girl #2: S Super Sexy E Easy Going F Fits with your community The ultimate girlfriend

One of them is the cost of choosing the other one VS The Concept of Opportunity Cost Value (Benefit) of the next best alternative forgone.

WORKING Sallary (Y1): $ BUSINESS Total Revenue (Y1): $ Total Cost (Y1): $ Profit (Y1): $ 5.000

WORKING Sallary (Y1): $ BUSINESS Profit (Y1): $ Sallary (Y2): $ Profit (Y2): $ Sallary (Y3): $ Profit (Y3): $ Sallary (Y4): $ Profit (Y4): $ Sallary (Y5): $ Profit (Y5): $ Sallary (Y6): $ Profit (Y6): $