Alolan_Apples
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Time for part two of the day of five blogs. I wanted to talk about unintended consequences last time. This time, it’s on...
When it comes to business and economics, efficiency is very important. When you want to make something or do something, you must look for the best at the lowest cost possible. Of course better options or products are going to cost more. But just because it costs more doesn’t mean it’s any better. You want to look for the most output at the lowest price to succeed. As much as it’s cheap and unethical to pay employees very little to produce a lot of output, spending a lot to produce little output when there’s other options is not very efficient.
Of course, just because something is more cost effective doesn’t mean it’s any better. When you have to choose between a cost effective option and a cost ineffective option, there are times where even the cost ineffective option is a better result. Here are some examples:
Cost Effectiveness
When it comes to business and economics, efficiency is very important. When you want to make something or do something, you must look for the best at the lowest cost possible. Of course better options or products are going to cost more. But just because it costs more doesn’t mean it’s any better. You want to look for the most output at the lowest price to succeed. As much as it’s cheap and unethical to pay employees very little to produce a lot of output, spending a lot to produce little output when there’s other options is not very efficient.
Of course, just because something is more cost effective doesn’t mean it’s any better. When you have to choose between a cost effective option and a cost ineffective option, there are times where even the cost ineffective option is a better result. Here are some examples:
- We consider coal and oil to be better than solar and wind energy due to producing more power for the same price, but the former two are both heavy pollutants, non-renewable, and leaves a lot of waste when used. Solar and wind energy produce no air pollution, leaves no waste, and there’s no limit on how much you can use.
- Back in the days of the Nintendo 64, the idea of discs were popularized by Sony when they learned that they are cheaper to mass produce while holding much more data than cartridges at the time, which is why the N64 had a much smaller library. It’s also the lead to the entire gaming industry to use discs instead of cartridges. Here’s the downside. Disc drives tend to not last as long as cartridge players after many years of usage. Machine life is based on usage, not age, and the fact that disc drives use more moving parts and produce more heat explains why newer consoles don’t last as long. A single N64 unit was able to stand 20 years, but an Xbox 360 would die after one to three years of usage.
- You would like to spend less to get more food, but usually, the less healthy and more fatty foods would be foods you can get for low prices to get a lot of since it takes a lot of processes to make healthier foods. It could also be cheap due to poor quality.
- LED TVs are the best when it comes to cost efficiency and space efficiency since it uses less parts than CRT TVs, but they take longer to turn on than the older TVs.
