Demonstrate how the understanding of any two (2) of the concepts might influence a persons outlook and pattern of choices. You may deal with yourself, a business executive, a politician, or even a fellow student. How might this person have acted prior - Essay Example

Task: Rationality and Opportunity Cost Rationality It is important to agree that before knowing the meaning and virtues of rationality, the reasoning capability of one might exhibit absurdity in the realms of judgment and problem management. Concurrently, I was no exception in this context and it is evident that my understanding and perception of this phenomenon was absurd. I hardly argued critical issues with prowess until recently when I learnt and embraced the virtues of rationality. It is evident that rationality promotes critical thinking before making judgments on controversial issues (Sechi 63).

Concurrently, life aspects require shrewdness to avoid tumbling into wrong directions of life. I hardly approached issues with the required sagacity as evident with my past decisions. Currently, I am aware of rationality and embrace its principles in all my endeavors. I rationally look at matters before settling on the subsequent steps. This bars me from consequential lamentations, which I could have avoided previously. I appreciate the importance of rationality and endeavor to apply it in all my life aspects and daily challenges.

Critical issues are quite approachable when fronted with the principles of rationality. Contextually, the entire aspects of any matter require scrutiny to ensure that it is comprehendible from all corners. This helps in understanding any matter vividly before rendering any decision that might cause lamentations in the future. It is important to reason out with everything before giving consent. Thorough scrutiny explores matters and aids rational judgments consequently (Sechi 63). This has formed the center of my reasoning and approach to life circumstances.

Rationality is a sense of reasoning, which I appreciate its benefits to my current endeavors. It is crucial to give a second thought to every matter before making hasty decisions. This virtue helps substantially in maneuvering life issues. Conclusively, with rationality, every life aspects are approachable with positive results and little lamentation. Evidently, rationality has influenced my decision-making considerably than before. Opportunity Cost Opportunity cost is another aspect of decision-making that before knowing its aspects vividly; I never made reasonable decisions amid two issues that required exclusive judgments.

The act of leaving one commodity or idea for another necessitates the principles of opportunity cost. Opportunity cost emerges on decisions amid two critical issues (Mishra 203). The essence is to illuminate why one has to consider a given choice and leave the other. Concurrently, which benefits were there on the forfeited idea or commodity? It is important to consider the value of the foregone alternative/choice before deciding on the proffered choice. Earlier, I never knew that the aspects of the opportunity cost are crucial when making critical choices.

One must consider the impact of leaving one choice for the next and the probable repercussions. Currently, I usually consider the cost I will probably incur or the valuables I will miss whenever I make a choice amid two critical issues. Such steps help me to make rational decisions and forgo some issues/commodities justifiably. Whenever I consider the opportunity cost that exists within a given commodity, it is possible for me to realize whether I am making correct/rational choices in real time.

It is evident that most people make choices without scrutinizing the value of the alternative. Considering the value of the alternative is important in the judgment realms since it might influence one’s course of choice (Mishra 203). The cost of the renounced is as important as the cost of the chosen. Works Cited Mishra, Sasmita. Engineering Economics and Costing. New Delhi: PHI Learning Pvt. Ltd., 2009. Print. Sechi, Davide. Extendable Rationality: Understanding Decision Making in Organizations.

Winsconsin, WI: Springer, 2010. Print.