Economics is an interesting subject, and probably the only subject I could pass without studying.
When I first learnt about marginal utility and the law of diminishing marginal utility, I was very astonished by the concept. Economists were such weird creatures. They managed to put a mathematical concept into unfathomable feelings such as satisfaction and happiness!
In Economics, “utility” means satisfaction. However, I simplify “utility” as happiness. Total utility for consumption of a certain good or service means the total satisfaction from consuming all the quantity of that particular good or service.
Marginal utility means satisfaction for each additional unit of consumption of that particular good or service.
Our lecturer gave a perfect example of the law of diminishing marginal utility. He mentioned that when we were very hungry, we felt very happy to have a plate of chicken rice. The first plate of chicken rice gives the greatest satisfaction. If we were still hungry, we ate another plate of chicken rice. We would not feel as happy as eating the first plate of chicken rice.
If we were offered another plate of chicken rice, and we finished it, we would not feel happy anymore. We probably overate, and felt like throwing out.
This is the concept of the law of diminishing marginal utility. Each additional unit of consumption produces less satisfaction.
This whole concept of marginal utility is very logical in a sense. It shows that having more do not mean greater happiness.
I think the same thing applies to money.
When a person is poor, and he wins $100. This $100 brings great joy to him. However, if he gets $100 every day, he will not feel happy anymore. The law of diminishing marginal utility applies. This person probably thinks that he needs to receive $1,000 every day to feel happy. He is no longer satisfied with just a daily $100.
The part about Economics that I find very funny is that, Economics attempts to measure happiness and satisfaction.
Probably next time when someone offers me a bar of chocolate and a cup of coffee, I can say, “thanks you. I enjoy it very much. The marginal utility is 10 units.” If the kind person offers another bar of chocolate and another cup of coffee, I will say, “thank you very much. The marginal utility is 8 units.” I think two bars of chocolate and two cups of coffee are enough.
If I were to enjoy the third bar of chocolate and the third cup of coffee, the marginal utility will drop to just 1 unit.
Next time, I shall make it a habit to use the concept of total utility and the law of diminishing utility to thank the host. In this case, the total utility is 19 units for three bars of chocolate and three cups of coffee. However, the law of diminishing marginal utility flatten out after the third bar of chocolate and third cup of coffee.
I definitely will not enjoy another serving. The fourth bar of chocolate and the fourth cup of coffee will fall under consumer surplus.
Consumer surplus is a term to describe excess utility. I don’t need the fourth serving, that’s why it falls under consumer surplus. The fourth serving will not make me happy or satisfy in anyway. It will probably turns me off chocolate and coffee for good.
Actually the concept of Economics is very simple. I just wonder why the Economists need to use difficult words. If they use “satisfaction” instead of “utility”, that will be easier to understand.
When the term “the law of diminishing marginal utility” becomes “the law of diminishing additional satisfaction”, that makes it easier to grasp the whole concept.
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Friday, February 5, 2010
Thursday, February 4, 2010
Find time to make money online
You want to make money online so that you have extra money every month. The desire to have extra money coming in is very strong. However, the difficulty is in time management to make money online.
Many people with this desire to make money online start to learn about making money online. The trouble is many people do not seem able to find time to make money online. They are too tired or too busy even though they are working less than 40 hours a week. Given that they have the weekends off, it is possible for them to make money online if they have good time management. They are able to find time to make money online.
Even many homemakers are busy with housework and children. They do not seem to have enough time to make money online. However, many homemakers are making money online because they learn good time management. They are able to find time to make money online.
It is true that people are busy, but they have to find time if they want to make money online.
It is possible to find time to make money online if you are willing to give up or reduce the time for your favorite pastimes, such as having a couple of beers with your friends after work or watching TV in the evening.
You must find time to make money online. There is no way you can make money online if all you do is watch six hours of TV everyday.
Efficient time management is about planning what you are going to do. Efficient time management is about doing it without sidetracking.
You learn efficient time management by making a list of the things you want to do the next day. You can learn efficient time management by listing the activities according to the priorities.
You can learn efficient time management by scheduling your trips to the store and with other things you need to do. For example, you can arrange a trip to the store when you are on the way from work.
You can learn efficient time management by organizing your trips to take care many things while you are outside.
You can learn efficient time management by taking stock of the time you spend on the telephone and other time-wasting activities. You can eliminate all the time wasting activities from your daily activities.
You can learn efficient time management by scheduling the house chores you need to do. You can learn efficient time management by setting aside a specific time for every activity at home. You can learn efficient time management by setting a specific amount of time to do the housework and other chores.
If you have arranged an hour every day for yard work and gardening, you have to make sure you stick to the schedule. You can learn efficient time management by spreading the house chores within the week. For example, you spend an hour on Monday for changing the linens and washing the laundry.
You set an hour on Tuesday for mowing the lawn and trimming the shrubs. Efficient time management means you do everything with sense of urgency. You do not loiter to gossip with your neighbors. After all, you want to find time to make money online, you do not find time in order to gossip with your neighbors.
Efficient time management means to take care of all your mail and email the day you receive it. You should not let the bills, letters and email pile up. If you are not able to deal with the mail and email, you can arrange another day to deal with it.
Once you learn efficient time management, you will see that you have many "extra slots" to make money online. You manage to find time to make money online. Many people who work full time are able to take up online degree, and keep their houses clean. They had learnt the trick of efficient time management. You can use the same method of time management to find time to make money online.
You may not like routines or schedules. However, you need to set routine and schedules so that you can find time to make money online.
Routines and schedules are necessary in the world. If the airlines and airports do not have schedule for flights, you will not know when to fly and when to return when you go for business trip.
You may not like schedules and routines. However, you live in an orderly world.
You will find that your life is more productive and fruitful when you have learnt the art of efficient time management
The secret of all successful people is in their time management. They know how to get themselves organized and they do not waste time.
They are able to find time to do whatever they want to do and need to do. You have to review your daily activities and try to find time to make money online.
You have to learn to sacrifice the time-wasting activities, even if you enjoy them very much. Just think of the amount of money you can make online if you do not watch TV or surf Internet for a week.
You can your quest to make money online as a job. You will put in more efforts to find time to make money online when you view it seriously.
You must have passion to make money online, so that you are willing to stick to a schedule even if you feel like playing computer games.
You must have passion to make money online so that you do what has to be done immediately. Since yo have tried so hard to find time to make money online, you should not wasted the valuable time.
You should not try to do a week’s job in an hour. This is not efficient time management. This is not the way to find time to make money online. This is the way to complete burnout.
You have to write out what you have to do and when you are going to do it. You can write the schedule down and then get right on to your make money online quest without procrastination.
Efficient time management involves setting time for relaxation. You must find time for your spouse and children. You must find time for complete relaxation so that you do not exclude your friends and family members from your life.
Efficient time management involves keeping track of the time you waste every day. Efficient time management involves reorganizing your activities so that you do not waste time unnecessarily.
If you are going for a medical appointment, and you know that medical appointment is a great wastage of time, you can bring your laptop there so that you can make money online while waiting for the doctor to attend to you.
It is really easy to find time to make money online. When the money starts to roll in, you will be glad that you can make money online while your friends are still wasting their lives on TV and surfing Internet.
Many people with this desire to make money online start to learn about making money online. The trouble is many people do not seem able to find time to make money online. They are too tired or too busy even though they are working less than 40 hours a week. Given that they have the weekends off, it is possible for them to make money online if they have good time management. They are able to find time to make money online.
Even many homemakers are busy with housework and children. They do not seem to have enough time to make money online. However, many homemakers are making money online because they learn good time management. They are able to find time to make money online.
It is true that people are busy, but they have to find time if they want to make money online.
It is possible to find time to make money online if you are willing to give up or reduce the time for your favorite pastimes, such as having a couple of beers with your friends after work or watching TV in the evening.
You must find time to make money online. There is no way you can make money online if all you do is watch six hours of TV everyday.
Efficient time management is about planning what you are going to do. Efficient time management is about doing it without sidetracking.
You learn efficient time management by making a list of the things you want to do the next day. You can learn efficient time management by listing the activities according to the priorities.
You can learn efficient time management by scheduling your trips to the store and with other things you need to do. For example, you can arrange a trip to the store when you are on the way from work.
You can learn efficient time management by organizing your trips to take care many things while you are outside.
You can learn efficient time management by taking stock of the time you spend on the telephone and other time-wasting activities. You can eliminate all the time wasting activities from your daily activities.
You can learn efficient time management by scheduling the house chores you need to do. You can learn efficient time management by setting aside a specific time for every activity at home. You can learn efficient time management by setting a specific amount of time to do the housework and other chores.
If you have arranged an hour every day for yard work and gardening, you have to make sure you stick to the schedule. You can learn efficient time management by spreading the house chores within the week. For example, you spend an hour on Monday for changing the linens and washing the laundry.
You set an hour on Tuesday for mowing the lawn and trimming the shrubs. Efficient time management means you do everything with sense of urgency. You do not loiter to gossip with your neighbors. After all, you want to find time to make money online, you do not find time in order to gossip with your neighbors.
Efficient time management means to take care of all your mail and email the day you receive it. You should not let the bills, letters and email pile up. If you are not able to deal with the mail and email, you can arrange another day to deal with it.
Once you learn efficient time management, you will see that you have many "extra slots" to make money online. You manage to find time to make money online. Many people who work full time are able to take up online degree, and keep their houses clean. They had learnt the trick of efficient time management. You can use the same method of time management to find time to make money online.
You may not like routines or schedules. However, you need to set routine and schedules so that you can find time to make money online.
Routines and schedules are necessary in the world. If the airlines and airports do not have schedule for flights, you will not know when to fly and when to return when you go for business trip.
You may not like schedules and routines. However, you live in an orderly world.
You will find that your life is more productive and fruitful when you have learnt the art of efficient time management
The secret of all successful people is in their time management. They know how to get themselves organized and they do not waste time.
They are able to find time to do whatever they want to do and need to do. You have to review your daily activities and try to find time to make money online.
You have to learn to sacrifice the time-wasting activities, even if you enjoy them very much. Just think of the amount of money you can make online if you do not watch TV or surf Internet for a week.
You can your quest to make money online as a job. You will put in more efforts to find time to make money online when you view it seriously.
You must have passion to make money online, so that you are willing to stick to a schedule even if you feel like playing computer games.
You must have passion to make money online so that you do what has to be done immediately. Since yo have tried so hard to find time to make money online, you should not wasted the valuable time.
You should not try to do a week’s job in an hour. This is not efficient time management. This is not the way to find time to make money online. This is the way to complete burnout.
You have to write out what you have to do and when you are going to do it. You can write the schedule down and then get right on to your make money online quest without procrastination.
Efficient time management involves setting time for relaxation. You must find time for your spouse and children. You must find time for complete relaxation so that you do not exclude your friends and family members from your life.
Efficient time management involves keeping track of the time you waste every day. Efficient time management involves reorganizing your activities so that you do not waste time unnecessarily.
If you are going for a medical appointment, and you know that medical appointment is a great wastage of time, you can bring your laptop there so that you can make money online while waiting for the doctor to attend to you.
It is really easy to find time to make money online. When the money starts to roll in, you will be glad that you can make money online while your friends are still wasting their lives on TV and surfing Internet.
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