We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Choices Are Everywhere:Why Can't We Just Have It All - Article Example

Wolla argues that the fiscal cliff resulted from high debt level that emanated from wanting and purchasing more than what could be paid for. Dissecting to the article, debt reduction includes two difficult choices. The first choice involves reducing government expenditure on goods and services. However, this choice is surrounded by a difficult decision on which government spending to be reduced. The second choice of reducing government debt is through raising taxes. However, the question is who should pay more? One choice could be preferred over the other or the two choices could be blended. Wolla argues that these choices also apply to household budgets. Whichever choice one makes, basic understanding of economic concepts of Scarcity and opportunity cost remains imperative. In an attempt to clarify the concepts of scarcity and opportunity cost with regard to personal and household spending, Wolla uses a $20 gift card. The $20 is the budget constraint for the individual who receive the gift card. According to Wolla, wants are unlimited while the resources to satisfy these wants are limited. It is this situation of having limited resources and unlimited wants that he refers to as scarcity. According to the article, the $20 mark means that the card holder cannot have anything to spend more than the limit and thus, cannot purchase all that he or she wants. In Wolla’s own words, “the $20 limit means that you can’t have all the CDs, movies, or games you want; you must choose that one you want

Check these samples - they also fit your topic

The Homeless Just Need a Fighting Chance
They intend to provide fictitious home addresses while spreading word around town that the managers of the local shelters are denying the homeless people medical care. This plan will bring forth several problems among them being a lawsuit against them for slander for spreading false accusations against the hospital and the shelters.
4 pages (1000 words)Article
Convergence/Divergence of the global market : What do we see when we look through the same marketing lens
Role of globalisation in the emergence of the convergence/divergence debate Globalisation involves development of strategic business model which assist in the creation and maintenance of competitive advantage to the international level. The strategic business model helps in developing a vision from the current situation to a desired future, along with the actual blueprint.
8 pages (2000 words)Article
Should we use wikipedia or not
That the internet is the largest database of knowledge is no hyperbole! When we use the internet to search for information, search-engines are the answer to aid us in our endeavour.
2 pages (500 words)Article
Write a report on the article we google you
Nowadays companies start their evaluation by placing the name of the person in popular search engines such as Live, Yahoo, and Google. In the article We Google You the author described the story of a young talented professional
2 pages (500 words)Article
What is Nursing Theory and why do we need it
Through application of suitable theory for any given case, the outcome for the patient is far better when theory has been applied to the functions and premises of nursing. Defining theory by itself means that it is
5 pages (1250 words)Article
Why have not we mastered alignment
Proper and effective alignment is necessary in order to avoid poor performance and unnecessary inefficiency. However, cases where there is misalignment, the business executives are unable to clearly articulate IS needs or even when the IS personnel have
1 pages (250 words)Article
Just read and answer
It further recognizes that there is a policy developed to eliminate these inequalities. However, it seeks to find an answer on whether these policies are effective or not. This question can be answered through research. Furthermore, the
1 pages (250 words)Article
Social reporting in the tobacco industry: all smoke and mirrors
However, in the real sense, BAT supports ‘right to smoke’, but purports to regulate and offer public information on health effects of
1 pages (250 words)Article
How Will We Love
In this sense, marriage is merely borne out of romantic relationships. On the other hand, the older people seem to know that marriage demands the readiness for commitment. In a huge sense, young people hold an unrealistic
1 pages (250 words)Article
Why We Root For Some Antagonist Portrayed in Film, Literature and Television
This probably explains the expression why good guys finish last because the bad guys, villains and antagonists, do not play by the rules. This also partly explains why there is a growing niche of dark tourism today wherein people get to visit
2 pages (500 words)Article
the most” (Wolla, 2013, p.1). According to Gwartney et al. (2011), scarcity necessitates choice. An individual has to make a choice between two competing items depending on their level importance. For example, one could be faced with a choice of spending his last $30 on a movie or a new shirt. Because he cannot purchase both the movie and shirt, he has to make a choice between the two items. Wolla’s argument that deciding between recently released music CD from a band and a new movie involves a choice, involves opportunity cost, is quite to the point. Wolla defines opportunity cost as “the value of the next-best alternative when a decision is made” (Wolla 2013, p.1). This resonates with Lindeman’s argument that “opportunity cost is the economist’s way of saying that nothing is really free” (Lindeman, 2002, p. 26). Daily decisions contain the elements of scarcity, choice and opportunity cost. For example, Charles is in dilemma whether to start a business or use the money for his college education. Going to college involves spending money in terms of paying school fees, which could be used to start the business. Therefore, the opportunity cost of going to college is not starting the business. Opportunity cost is the value of the forgone item or decision (McEachern 2013). The more one spends on an item, for example food, the less he spends on another (movies). Scarcity and choice involves trade-offs (Gwartney et al., 2011). Credit cards have been established to enable people to borrow beyond their expenditure limits. However, as Wolla notes, credit cards have limits and translate to less future disposable income. Therefore, the more one uses credit cards, the lower income for spending he has for the future. Wolla further argues that the government faces similar tough choices that households face. The government has to satisfy collective wants of citizens through spending its revenues in public goods and services such as
Cite this document
  • APA
  • MLA
(“Choices Are Everywhere:Why Can't We Just Have It All Article”, n.d.)
Retrieved from https://studentshare.net/finance-accounting/107013-ypchoices-are-everywhere-why-canyiet-we-just-have
(Choices Are Everywhere:Why Can'T We Just Have It All Article)
“Choices Are Everywhere:Why Can'T We Just Have It All Article”, n.d. https://studentshare.net/finance-accounting/107013-ypchoices-are-everywhere-why-canyiet-we-just-have.
  • Cited: 0 times


Article Review Name: Institution: Course: Tutor: Date: Wolla, S.A. (2013). “Choices Are Everywhere: Why Can’t We Just Have It All?”Page One Economics Newsletter. Wolla’s article, “Choices Are Everywhere: Why Can’t We Just Have It All?” explores the concepts of scarcity and opportunity cost…
Choices Are Everywhere:Why Cant We Just Have It All
Read TextPreview
Comments (0)
Click to create a comment
Let us find you another Article on topic Choices Are Everywhere:Why Can't We Just Have It All for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us