In Economics: Nothing is Priceless. To see if a benefit is worth the cost, economists use what is called Opportunity Cost. Here are 5 things I have learned about Opportunity Cost:
Japan is undergoing a shortage of Japanese nurses. With an aging population, there are more elderly people than young, making it an issue to take care of the elderly. In the article, it is stated that many Filipinos are being moved to Japan to take care of the elderly. This concept makes since to me, but in the article it says that a concern is that the Filipinos are taking jobs away from the Japanese. That part of the article did not make since to me, because if there is a shortage they are just there to help.
Later on in the article, the idea of using robots is discussed. Robots for medical procedures sounds brilliant, but I do not know if robots are going to be as gentle as the elderly need. Therefore I do not think this idea would work with today’s technology.
As a side note, moving Filipino nurses to Japan will help the crisis in Japan. Unfortunately, if too many nurses are moved to Japan. Then there might not be enough left in the Philippines. Just as outsourcing has cause a problem in the US, moving too many working people out of a country should also cause a problem.
1. How is scarcity and survival intertwined?
Scarcity is the lack of resources. Back in the day, when men were hunter gathers, there was much scarcity of food, water, shelter, and other basic needs. If these needs were not met, then one would most definitely die. Therefore, people learned to work together so that survival was possible.
2. What are advantages and disadvantages of the two ways societies have been organized in the past?
In the past, civilizations were based on either tradition or authoritarian rule. Tradition ensured that whatever jobs were being done in the past were sure to be done in the present and future. When a civilization was authoritarian, there was one man in charge. That leader was able to make decisions based on what needed to be done. An obvious advantage is that every job was completed. Unfortunately, people were forced to do what they were told to do or what their family did, thus, leaving little room for individual growth.
3. Why was there no need for economists throughout most of history?
In the past, the economic systems were simple. Everyone followed tradition, and there was usually one person in charge. Therefore, this one person was able to make decisions about the economy and money, leaving nothing for economists to do.
4. Why do you think the economic revolution was so disturbing?
The revolution was so disturbing because it opened the door to instability. If everyone followed tradition and did exactly as they were told, then every job necessary would be completed. After the revolution, individuals were left to make choices on their own. Thus, the possibility of failure leading to a huge economic depression.
Economics is a study of today’s world. While I find history interesting, I would like to study the present for a change. All through school, we have studied history. Whether it be local, worldly, or national, the social studies courses offered have always been about history. I have never had the opportunity to take an economics class, and the subject sounds very interesting. The economy is in a depressive state right now, so it seems like the perfect time to understand what is going on in the economy. I hope that by taking this course I will be able to better understand the economy and be able to solve any financial problems with more understanding.
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