Tradeoffs and Opportunity Costs Discussion.
Tradeoffs and Opportunity Costs Discussion.
The economic way of thinking requires administrators to incorporate eight principles. One of the principles relates to “tradeoffs” and another principle relates to “opportunity costs” for scarce resources. Describe how public administrators must make trade-offs by assessing opportunity costs relating to scarce resources.Let’s have a scenario to explain the terms of trade off and opportunity cost. A couple of months ago there was a dam overflow in California. The dam overflow or its consequences such as brunet lawns, or the siltation that should be cleaned occasionally may be considered the byproduct or undesirable condition. On other hand, the ability to produce the chosen goods and services (hydroelectric power generation) would correspond to the desired condition. The outcome resulted from the two uneven conditions can be equivalent to the trade off. In the strict sense of the word, therefore, the opportunity cost is the amount of human and material resources sacrificed to build the dam itself. Please include such an illustration in your posts.
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