Jethro M. Artigo BSA 2A Exercise 1.1 What is your ideal class-size? (i.e., number of students per class). Are small classes better than larger ones? For me my ideal class-size for everything is not small and not also large. For me it should be balanced, we should consider the balance ratio and proportion to everything so that no one or nothing will be overworked or underworked in the field. Example in the classroom settings, one teacher is enough for 20 students but the situation in our country is 1 teacher to 50 plus students and we see here that the numbers are not balanced and teachers are overworked in this field. Another, in a small cafeteria hiring more than five service crew is too much, and there is a possibility than one the crew will be idly doing his job because there are many reserve and in this case we overdone the workforce area without checking that too much hiring crew will spent more money in salaries and wages. My ideal class-size is something that no one will suffered in both side, working without the continuing effect of stress is better that stressing yourself all day. The two sides should benefit from the balance class-size in every way. Exercise 1.2 If Bill Gates saw a 100-dollar bill lying on the sidewalk, would it be worth his time to pick it up? For me. It is worth picking up but not valuable anymore for Bill Gates. I believe money is very important to human’s lives because it is a tool to survive and to meet our daily needs. But the scenario, if Bill Gates saw the dollar I think it is worth picking but he doesn’t need it any more. We know bill gates is a rich and influential person and he has a lot of money and if he pick the 100-dollar bill maybe it is more worth it to give it to needy. Exercise 1.3 Identify the Opportunity Costs in studying this learning module? Well, fore me Opputunity cost is not just present in economics, the module tells me that it is very applicaple to every point of our life. Oppurtunity cost is s the loss of potential gain from other alternatives when one particular alternative is chosen over the others. In simple terms, opportunity cost is the loss of the benefit that could have been enjoyed had a given choice not been made. There are many point in our life that we wasted instead we pursue it. There are many reason why we suffer opputunity cost in our life. As we grow up we made mistakes, we made regret, for every actions that we make there a decision to be made. As I study the module I identify that opputunity cost are everything and it is part of our growth as a person. Exercise 1.4 Which is more valuable: saving P100 on a P12,000 plane ticket to Manila or saving P90 on a P5,000 plane ticket to Tacloban? Fore me the question is confusing. If I based my answer on the question I would totally say the more valuable is saving 90 pesos on a 5,000 plane ticket to tacloban, even if it is just 90 pesos saving the cost is more cheaper than the ticket to Manila. But we all know Manila is the capital of our country and its very far developed than Tacloban but what if you wanted to enjoy your trip so hard or you have persobal transactions to do and it is a fact that Manila can offer more than Tacloban. But based on the question the more vakuable is saving 90 pesos plane ticket to Tacloban. 1. Define what is economics and why the study of economics is important? For me, Economics is everything that we do. According to the Merriam Dictionary, economics is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services. We deal economics everyday, starting from buying goods for our needs and wants to working in our own respective fields and services. We can see that economics is moving in cycle. The study of Economics is very important to us because it will deepen our understanding about the basic of life. From the small perspective about financial aspects in the home up until the large scale financial transaction nationally is vital for us a person to know. So that we will be able to distinguish where our money goes and what does it contribute to us and the country as well. 2. In 500 words or less, use cost-benefit analysis to explain some pattern of events or behavior you have observed in your own environment. According to Smart Sheet, cost benefit analysis (also known as a benefit cost analysis) is a process by which organizations can analyze decisions, systems or projects, or determine a value for intangibles. The model is built by identifying the benefits of an action as well as the associated costs, and subtracting the costs from benefits. When completed, a cost benefit analysis will yield concrete results that can be used to develop reasonable conclusions around the feasibility and/or advisability of a decision or situation. I believe cot benefit analysis ids present to our life most of the time. We cannot just read it or see it on economics but also in real life situation. Actions of man is very dependable on our decision. We human always think and decide a situation where we can be favored and benefit by our decisions. Many people also take risk for they believe a higher risk paid a higher reward. But the point here is by our decision making we are surely up to where we can benefit? An example of cost benefit analysis, a child thinking thoroughly where to buy his money, a balloon or some tacos? Another example, a farmer planning what to plant on a fall season, can I harvest apple than mangoes this time? we can see here very decision is very vital to what will happen next. From the smallest everyday decisions to the biggest choices in life, you constantly make decisions by comparing what you give vs. what you get. When you have to choose from two or more alternatives, you choose the one that gives you more at a lesser cost. Whether you know it or not, you are constantly performing cost-benefit analyses. Especially when we have a thrifty personality we look for something where we can save. As a human it is our own nature, our behavior of what the concept of cost analysis is. Even sometimes we didn’t get benefit to what we decide but it suffices our decision, that satisfy our mind of staiding firm on our decision was all even still worth it. In my life I also undergo cost-benefit analysis. As an accountancy student here in our province, Maasin and SLSU San Juan are universities that offered the course. Before enrollment, everyday I always do cost-benefit analysis. One thing that was put in my mind that we are just an ordinary family, we cannot afford paying some big tuition. Yes, I’m an achiever that time but it is not enough to sustain my schooling. My friends enroll at Maasin and I was kind of sad knowing my friends are still intact but one thing I understand and later on decide that it is all the same, the course is the same, there is no something espeviall on it, the thing that makes it special is your hardwork and perseverance in school. So, I decided that I will enroll to San Juan, And I believe I am not the only one who benefited from my decision but also my family as well. It is not burden from them and I found new set of friends as well and especially I enjoy my schooling. Sometimes we are not aware we perform cost-benefit from our life but surely it is a tool that help us analyze what the consequences maybe after we proceed to a certain decision. This not just vital to businesses but to our life as well, it will help,us hone our decision making skill and flexibility to every situation we will face in the future. To conclude, costs and benefits must be compared after they are properly identified and measured. The costs and benefits are calculated according to the principles governing this analysis and are compared with each other to reach a conclusion. Basically, a project is accepted if its benefits exceed its costs.
