set up a yoghurt ice cream store after 'A' level exams-pdg 35/12 group
The decision to start a yoghurt ice cream store after completing 'A' level exams presents a significant opportunity cost. On one hand, setting up the stall could forgo the chance to experience university life and pursue higher education at prestigious institutions like NUS or Stanford.
set up a yoghurt ice cream store after 'A' level exams-pdg 35/12 group
opportunity cost of not setting up the stall
loss of opportunity to gain valuable entrepreneurship skills through experience.
loss of opportunity to experience setting up your own business(entrepreneurship)
each choice leads to its respective opportunity cost
or not to set up the stall
to set up the stall
opportunity cost of setting up the stall
given up an opportunity to pursue higher education in a good university eg NUS, stanford
result in loss of opportunity to pursue a prestigious career eg doctor, lawyer
loss of opportunity to serve society in a better way as i have the credentials, but instead chose to set up a stall to sell certain products. eg: become a doctor to help patients with medical conditions etc
given up opportunity to experience university life
scarcity
however, there is a scarcity of stores selling yoghurt ice cream, thus there is an opportunity to generate new demand for my product as it might appeal to consumer's taste and preferences(beneficial to health) and consumers have higher purchasing power
there is a relative abundance of stores selling ice cream, thus there is no scarcity of ice cream in amk hub.if i set up a stall this might lead to losses as there might be in sufficient demand and high input costs( high price of milk)
