Daily hear terms such as: opportunity cost, marginal cost or performance, these calls ECONOMIC PRINCIPLES , explain and shed light on what is happening in the business world and especially in economics. Define and exemplify why the 5 fundamental principles underlying the modern economy.
1 .- The Principle of Opportunity Cost:
Due the limitation of resources in a company and many of these can not easily be renewed, the opportunity cost principle referred to us to produce or obtain the product A, we must sacrifice the production of product B, or vice versa. This principle allows us to situate and define this dilemma when making decisions.
Example:
A farmer has 100 acres of land to produce, decides to plant 20 hectares of potatoes and 80 hectares of cloclo. Suppose the price of potato shoots in that year and the price of potatoes is maintained, its opportunity cost is 80% less potatoes that I can be planted and eventually won.
2 .- Marginal Principle:
This principle is much simpler than it is, it consists in the variation of one variable on another, commonly used to compare the cost of the benefit of a product. In other words if the cost varies, how much could change the expected benefit.
Example:
A taxi driver works 6 hours a day and earn 200 soles during that time, I mean win 33.3 soles per hour, if you decide to work 1 hour and get 240 soles 40 soles difference would be their marginal benefit. But it would also evaluate different variables, including fatigue, fuel costs, traffic, in order to know exactly its marginal benefit.
The concept also refers to whether the income is greater than the incremental cost of this activity is called fringe benefits.
the same way for this effort added more resources are used, this is called marginal cost.
3 .- Principle of diminishing returns:
To understand this we must think about growth, because of diminishing returns tells us that if one of the factors of a business increases, but the rest maintains its production will increase but so decrenciente.
Example: A restaurant
start having success and the guests begin to queue up to wait for an empty table, so that the employer decides to install more tables (10 to 20), but maintains the same number of boys and cooks. No doubt the number of people served will increase, but production increased from 200 dishes a day to only 300. We will see that actually increased the number of plates sold, but not twice as expected, since it maintained the same number of boys, and people just had to wait for their dishes, but no longer sitting and standing.
4 .- Effect Principle - Circulation:
This concept not only applies to organizations, it can also be used for everyday life. Think effect - diffusion is double connotation, it serves to anticipate problems or provide benefits. Is that individuals or organizations to make a decision brings with it consequences that may be beneficial or cause problems.
Examples:
An entrepreneur decides to open a nightclub in an urban area of \u200b\u200bthe city, will certainly bring benefits to customers, trying to distract and amuse, but it also brings the discomfort of the neighbors will soon launch campaigns against him and against the company.
A football team gets the championship, its achievement will mean that the number of t increase, the company that manufactures sporting goods sold, businesses near the area will have more customers, as greater numbers people will encourage the team.
Without realizing the decisions or events, or bring a cost benefit to our environment.
5 .- Reality Principle:
Money serves as a bargaining chip to buy a product, while receiving salary he helps us to buy certain things, this is called real value, the total of things bought with a certain amount of money.
Example:
A college student decides during his spare time working in a pizzeria, where it earns 15 dollars per hour. To assess whether this money is as white or under must compare. In his spare time the student likes to go to the movies and read a magazine. The cost of a movie ticket is 10 sole and the journal is 5, in which case the salary he receives compensation needs. But what if the input value rises to 15 and the magazine 10.? The salary he receives for his work and not seem so high.
why we should keep in mind that it is important that we get many Suns, but rather what we can do or buy with it. Bohemian Trujillo
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