UNIT 7 – opportunity cost

UNIT 7 – OPPORTUNITY COST UNIT 7 – OPPORTUNITY COST TOPIC LECTURE GETTING READY 3 An occasion or situation that makes it possible to do something that you want to do or have to do, or the possibility.

UNIT – OPPORTUNITY COST TOPIC LECTURE GETTING READY An occasion or situation that makes it possible to something that you want to or have to do, or the possibility of doing something: Fund Widget Concept Compete Outcome Valuable Give up Option Opportunity Element an idea or a principle that is connected with something abstract Fund Widget Concept Concept Compete Outcome Valuable Give up Option Opportunity Element a result or effect of an action, event, situation, etc.: Fund Widget Concept Compete Outcome Valuable Give up Option Opportunity Element something considered typical or representative, as of a manufacturer's products Fund Widgets Concept Compete Outcome Valuable Give up Option Opportunity Element having considerable monetary worth; costing or bringing a high price Fund Widget Concept Compete Outcome Valuable Give up Option Opportunity Element an amount of money saved, collected, or provided for a particular purpose Fund Widget Concept Compete Outcome Valuable Give up Option Opportunity Element International widget - Ex 2: ………………………………………… company having extra ………………… money Two choices: $ -> advertising ………………………………… -> OC = ………………………………… new factory $ -> build factory/ more widgets ……………………………………………………………… -> OC = …………………………………… advertising Definition of OC: …………………………………………………………………………………………………… valuable - Ex 3: Same companythe withmost elements: thing given up # all choices given up Advertising: ………………………………………………… Factory: ……………………………………………………… not needed (already popular) Workers: ………………………………………………………………………… needed (make more widgets) -> If build a new factory, OC = needed …………………………… (unhappy, want to be paid more) workers’ raises 21 - Ex 4: Same choices, different ……………………… outcome not needed (happy) Workers: …………………………………… needed (old) Factory: …………………… needed (to compete with another company) Advertising:…………… …………………………………………………………………… -> If build a new factory, OC = ………………………… advertising 22 Use the note to answer questions 23 ANSWER THE QUESTIONS a What is the definition of opportunity cost? Opportunity cost is the single most valuable thing we give up to get what we want b What is the opportunity cost of example 1? If you clean your apartment, the opportunity cost is taking a nap or feeling rested If you take a nap, the opportunity cost is cleaning your apartment or having a clean living space ANSWER THE QUESTIONS c What is the opportunity cost of example If the company uses the extra money to build a new factory, the opportunity cost is advertising If the company uses the extra money on advertising, the opportunity cost is building a new factory d What is the opportunity cost of example 3? If the company uses the extra money to build a new factory, the opportunity cost is the workers’ raises e What is the opportunity cost of example 4? If the company uses the extra money to build a new factory, the opportunity cost is advertising FOLLOW-UP DISCUSSION - Which example from the lecture did you think was the most useful? How did it help you understand opportunity cost? - Do you think that the concept of opportunity cost is useful for making decisions in your everyday life? Give an example of how you might use it to make a decision in your life LISTENING STRATEGY 27 Read the expressions that signal a new idea or topic Think of two more expressions with the same functions? Let me start with … Now let’s talk about … What I want to discuss now is … The first point that I want to make is … Initially, let’s talk about … Read the expressions that signal the end of one idea and the beginning of a new idea Think of two more expressions with the same functions? Now that we have talked about …., let’s talk about … That’s enough about … Let’s go to the next point … Another point that I would like to make is … Now let’s move on to another point, which is … Read the excerpt from a lecture about work habits Then underline the lecture language that signals a transition Marriage and work is an interesting topic, so let me start with the point that married couples have reacted in a variety of ways to the pressures they feel when both the husband and wife work We’ve seen that it’s a struggle for some couples, and somehow other couples can make it work Let’s move on to some of the polling data I collected with my colleagues last summer so that we can discover some of the reasons for these reactions Listen to the lecture about the work lives of three family members Match the name of each person to the description of her work experience Dina a She has never worked Laura b She has worked in a fast food restaurant and Maria in an office c She works in a law firm Listen to the lecture again Write down the lecture language that signals a transition from one idea to another - Idea the family that I used in my study ……………………………………………………………………………………………………………… - transitional lecture language: first let’s look at ……………………………………………………………………………………………………………… - - Idea 2: the example of the grandmother ……………………………………………………………………………………………………………… - transitional lecture language: let me start with ……………………………………………………………………………………………………………… - - Idea 3: the trend that we see these days ………………………………………………………………………………………………………………… - transitional lecture language: now let’s move on to talk about ………………………………………………………………………………………………………………… - - Idea 4: the differences in work and leisure between the ………………………………………………………………………………………………………………… - generation transitional lecture language: ok, now that we have talked about let’s talk about ………………………………………………………………………………………………………………… FURTHER PRACTICE 33 FURTHER PRACTICE Write NO MORE THAN TWO WORDS for each answer Four business values damage Many business values can result in ………………………………… Senior managers need to understand and deal with the potential 2………………… that may result Collaboration side effects During a training course, the speaker was in a team that had to build a 3………………………… Other teams experienced 4………………………………… from trying to collaborate The speaker's team won because they, reduced collaboration Sales of a 5………………………………… were poor because of collaboration Industriousness bridge confusion smartphone Hard work may be a bad use of various company 6………………………………… The word 'lazy' in this context refers to people who avoid doing tasks that are 7…………………… Creativity resources An advertising campaign for a 8………………………………… was memorable but failed to boost sales Creativity should be used as a response to a particular unnecessary/not necessary 9………………………………… Excellence chocolate bar According to one study, on average, pioneers had a 10…………………………… that was far higher than that of followers Companies that always aim at excellence may miss opportunities problem market share 34 THANK YOU FOR LISTENING ... opportunity cost? Opportunity cost is the single most valuable thing we give up to get what we want b What is the opportunity cost of example 1? If you clean your apartment, the opportunity cost. .. new factory, the opportunity cost is advertising If the company uses the extra money on advertising, the opportunity cost is building a new factory d What is the opportunity cost of example 3?... new factory, the opportunity cost is the workers’ raises e What is the opportunity cost of example 4? If the company uses the extra money to build a new factory, the opportunity cost is advertising