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Opportunity Cost

Opportunity costs represent the benefits an individual, investor or business misses out on when choosing one alternative over another. While financial reports do not show opportunity cost, business owners can use it to make educated decisions when they have multiple options before them. Botllenecks are often a cause of opportunity costs.

Opportunity cost is the return of a foregone option less than the return on your chosen option. Considering opportunity costs can guide you to more profitable decision-making. You must assess the relative risk of each option in addition to its potential returns.

Example:

Question: Suppose that you have a free ticket to a concert by Band X. The ticket has no resale value. On the night of the concert your next-best alternative entertainment is a performance by Band Y for which the tickets cost $40. You like Band Y and would usually be willing to pay $50 for a ticket to see them. What is the opportunity cost of using your free ticket and seeing Band X instead of Band Y?

Answer: The benefit you forgo (that is, the value to you) is $10: the $50 benefit of seeing Band Y minus the ticket cost of $40.

Consumer Behaviour

Consumer behaviour is the study of how consumers make decisions about what they need, want, and desire and how do they buy, use, and dispose of goods. By understanding how consumers decide on a product it is possible for marketers to fill in the gap and identify which product is needed and which products are obsolete in the market. It also helps marketers decide how to present their products such that they have maximum impact on consumers.

Being such an important element in a business strategy, here is attached a detailed presentation about consumer behaviour.

Romania Inflation Rate

Romania’s annual inflation rate inched lower to 3.4 percent in October 2019 from 3.5 percent in the previous month and compared to market estimates of 3.35 percent. This was the lowest inflation rate since January, as prices rose at a softer rate for non-food products (2.6 percent vs 2.8 percent in September) and services (4.1 vs 4.2 percent). Meanwhile, food prices increased faster (4.2 percent vs 4.1 percent).

On a monthly basis, consumer prices went up 0.5 percent in October, following a 0.1 percent gain in September. Inflation Rate in Romania averaged 43.12 percent from 1991 until 2019, reaching an all time high of 316.90 percent in November of 1993 and a record low of -3.50 percent in May of 2016.

In Romania, the inflation rate measures a broad rise or fall in prices that consumers pay for a standard basket of goods. This page provides – Romania Inflation Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news. Romania Inflation Rate – actual data, historical chart and calendar of releases – was last updated on November of 2019.

Introduce Yourself (Example Post)

This is an example post, originally published as part of Blogging University. Enroll in one of our ten programs, and start your blog right.

You’re going to publish a post today. Don’t worry about how your blog looks. Don’t worry if you haven’t given it a name yet, or you’re feeling overwhelmed. Just click the “New Post” button, and tell us why you’re here.

Why do this?

  • Because it gives new readers context. What are you about? Why should they read your blog?
  • Because it will help you focus you own ideas about your blog and what you’d like to do with it.

The post can be short or long, a personal intro to your life or a bloggy mission statement, a manifesto for the future or a simple outline of your the types of things you hope to publish.

To help you get started, here are a few questions:

  • Why are you blogging publicly, rather than keeping a personal journal?
  • What topics do you think you’ll write about?
  • Who would you love to connect with via your blog?
  • If you blog successfully throughout the next year, what would you hope to have accomplished?

You’re not locked into any of this; one of the wonderful things about blogs is how they constantly evolve as we learn, grow, and interact with one another — but it’s good to know where and why you started, and articulating your goals may just give you a few other post ideas.

Can’t think how to get started? Just write the first thing that pops into your head. Anne Lamott, author of a book on writing we love, says that you need to give yourself permission to write a “crappy first draft”. Anne makes a great point — just start writing, and worry about editing it later.

When you’re ready to publish, give your post three to five tags that describe your blog’s focus — writing, photography, fiction, parenting, food, cars, movies, sports, whatever. These tags will help others who care about your topics find you in the Reader. Make sure one of the tags is “zerotohero,” so other new bloggers can find you, too.

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