Description
Must use one reference and citation. Around 300 words, single spaced no cover sheet necessary. APA
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.
