Economic Issues that Arise in the Decision to Get a Haircut Essay

Economic Issues that Arise in the Decision to Get a Haircut - Essay Example According to Ballestero and Romero (72), decision making is both a formal and a non-formal activity, since everyone does it with or without their knowledge. However, people make decisions with the objective of accomplishing a particular goal in mind. In life, making decision is not a choice but an obligation. The goal of the process for businesses is enhancing efficiency in operations. Furthermore, the process aids in analyzing issues from a financial perspective. This is because decisions made by managers have financial implications on the position of a business in the corporate world. People consider several factors before coming up with decisions in all circumstances. In a business settings, managers consult widely prior to coming up with a decision on a particular issue. Consequently, the person making the decision analyzes the short-term consequences of the decision prior to choosing a particular alternative. It is important to generate alternatives to chose when planning to mak e decisions. In order for one to choose to get a haircut, he should consider the factors involved such as the opportunity cost, gains of the trade and elasticity of the demand. Additionally, the person has to decide the place from where to get his haircut. For instance, the person will consider price as a critical factor in making the decision on the issues. ... In making the decision, the person should note that the decision has both positive and unconstructive consequences depending on the process. Decision-making is the most critical process in business management because it determines profitability. The process also influences directions of operations for businesses. According to business managers, it is the central objectives in management. For the case above, the choice of the machine and the person to conduct the job are critical elements to consider when analyzing impacts of choosing to cut the hair from a business perspective. Consequently, competence of the barber, the barber’s attitude and time are critical in decision-making. Since the alternatives have several financial implications, the individual has to choose alternative that best suit his interest. According to economists, the need to satisfy the basic wants is the basis of decision-making. Interestingly, the satisfaction of one’ needs is not the end goal in it self since a decision leads to other needs. For instance, cutting hair in a particular way, will lead to the urge of dressing a manner that is appropriate to the haircut. Moreover, choosing a particular hairstyle signifies the position of an individual in the society. In modern society, several styles of haircuts have different connotations. The most dominant style resembles popular opinion in the society. Unique hairstyle on the contrary represents nouvelle ideas. The knowledge that different hairstyle espouse different meaning dictates choices in society. Given that many hairstyles are available, selecting one is a daunting task. To the young, shaggy haircuts is trendy and cool, whereas the old dislike the style. Teenagers