Opportunity Costs Essay Example | Topics and Well Written Essays - 250 words

Opportunity Costs - Essay Example sources are never enough to satisfy human needs and wants, and the concept of opportunity cost, therefore, informs choices among alternative use of resources. Individuals, firms and governments face opportunity cost from time to time in their efforts to allocate resources for the most suitable purpose (Keat & Young, 2006). At an individual level, one may want to pay for mortgage and buy a car given a certain level of resource available. While both the car and mortgage are equally important to the individual, the individual may forego the car and make the mortgage payment. The individual pays for the mortgage at the expense of the car. The car is the next-best alternative given up when the individual pays for the mortgage. In a firm’s context, the firm may want to maximize shareholders’ wealth and at the same time retain significant profits for firm operations. If the firm chooses to maximize shareholders’ wealth at the expense of retaining more profits for the firm, more profits becomes the foregone item (Douma & Schreuder, 2008). In the choice made in this case, the next-best alternative is shareholder wealth maximization. Governments also face opportunity cost. A government may want to finance a healthcare project while it also needs to acquire more military equipment using the same resources. Choosing to finance the healthcare project over acquiring military equipment makes military equipment acquisition the foregone item. The choice to finance healthcare makes military equipment acquisition the next-best

The form of local government and his structure Essay

The form of local government and his structure - Essay Example Out of 39 counties of Washington, 33 are non-charter, which run the government of commission form offered by the state. Under the commission form, the county government is governed by a body that consists of three members of commissioner’s board who are elected. The election is based on partisan and serves as a legislative body of the county as well as performing executive functions. Counties with greater population of more than 300,000 can add the number of commission members from three to five. On the other hand, home rule charter can offer counties with officers that they regard it necessary in carrying out functions of the county (County of Washington, 2014). Referendum has influenced the local politics of Washington. It has helped to protect the rights of the citizens through direct democracy. Therefore, it has enabled the citizens of Washington to eliminate government that is representative and to remedy it when it turns to be misrepresentative. In addition, the petition process has been utilized in the county government of Washington. It has given the citizens of Washington superiority that is automatic and sovereignty above government that is representative. More over, the recall is constitutionally defined for the citizens of Washington. It allows citizens to remove and substitute a public official before the term ends in the office. Citizens initiate the process of petition, and if it goes through it eliminates an official elected from office through recalling the official’s elections. Besides, democratic reform trilemma has also brought great influence to the citizens of Washington based on three characteristics. These characteristics include participation, deliberation, and equality (Washington County, 2014). Participation enhances extensive participation in the process of decision making by the affected people. Deliberation enables a balanced discussion where all main points of view are prejudiced based on