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ECONOMICS
Everyone has the same hours in a day to accomplish his or her goals. How every individual uses his or her time determines how successful the person will be. When it comes to allocating the time of the day among alternatives that are competing I usually ask myself the following questions that are very crucial; the first question that comes to my mind is, the total number of hours that I am going to work in that day. The second thought is on the kind of activities that I will devote in those hours that I will be working.
My typical day can begin in 6:30, where I wake up and the first thing I do is smiling and thinking positively, at 7:00 I run around the field, at 7:30 I eat breakfast as I read news online, by the time it is 11:30 I am ready to go to the office (Eckstein and Dominik et al. 3030). On the other hand when it comes to weighing the alternatives, I consider and choose them depending on the urgency which they need, and after I have chosen the best option I cannot use the entire day, in just working on the alternative, that I have chosen alone this is because other choices also need to be worked on. This idea of not devoting all the time in one alternative is referred by economists as scarce.
Demand and supply had changed over time like for instance there was a time when the price of sugar was relatively low (Webb and Caroline, 87). However, it reached a time when there was drought, and the farmers could not plant the cane then the demand of sugar went up as there was less produced and more was demanded. The effects in the short-run are that people will not use the commodity that is scarce at that time, and in the long-run people may stop using that commodity and look for an alternative.
References
Eckstein, Dominik, et al. “The performance impact of supply chain agility and supply chain adaptability: the moderating effect of product complexity.” International Journal of Production Research 53.10 (2015): 3028-3046.
Webb, Caroline. How to have a good day: Harness the power of behavioral science to transform your working life. Broadway Business, 2016.