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Economic Way of Thinking - Coursework Example

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If Lebron mows the lawn himself, this would have its own advantages and disadvantages. On the other hand, if Lebron decides to hire pat to mow the lawn,…
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Economic Way of Thinking
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Topic: Economic Concepts Lebron James has the ability to mow the lawn in three hours while pat can mow the lawn in four hours at a fee of $25 an hour. If Lebron mows the lawn himself, this would have its own advantages and disadvantages. On the other hand, if Lebron decides to hire pat to mow the lawn, he would also incur a cost that he would have saved on. The decision of who is going to mow the lawn is therefore one that requires great consideration of economic concepts and the pros and cons of each decision.
Through the economic concepts of decision-making and cost-benefit analysis, it makes Lebron hiring Pat to mow the lawn the right decision (Volpe 2006). This is because for one, it will be creation of a job for pat. Even though Pat will take longer period to complete mowing the lawn, the lawn will have been mowed at the end of the day. This factor also fulfils the want that Lebron has to have his lawn mowed and at the same time promotes the distribution of finances to other levels. It will create a source of income for that particular day for Pat (Garman 2011).
In conclusion, hiring Pat to mow the lawn will also be the right choice, as it will enable Lebron who happens to be a pro athlete have time to practice. This will also enable him be better at his sport which is a source of income and the money that he will have paid to pat for mowing the lawn will have been earned back and perhaps doubled. Considering these factors makes it sensible for Lebron to hire pat for at the end of the day, they will both benefit.

References
Garman, E. T., & Forgue, R. (2011). Personal finance. Cengage Learning.
Volpe, R. (2006). An analysis of the importance of personal finance topics and the level of knowledge possessed by working adults. Financial services review, 15(1), 81. Read More
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