photo essay: economics in my community

Restaurant Provides food and drinks to

its customers Requires ingredients for the

food, furniture, dining sets and silverware, waiters/waitresses, chefs, a manager, etc.

Opportunity cost of eating at the restaurant is watching tv at home or working

Entrepreneur gave up the idea of security to take the risk of starting the restaurant

Grocery Store Provides produce, canned

goods, meats, juices, and other foods and drinks for its customers

Requires a lot, connections with farms and food industries, grocers, a manager, etc.

Opportunity cost of shopping at a grocery store is time that could be spent housekeeping or working

The owner may have given up free time in order to establish a grocery store

Shoe Store Provides shoes to its

customers Requires shoes to sell, a

building, salesmen, a manager, etc.

The opportunity cost of shopping at a shoe store is spending time with family or buying more important things

The owner may have given up a more stable job in order to establish a shoe store

Doctor’s Clinic Provides check-ups and

healthcare to its patients Requires a clinic, patients,

secretaries, doctors, medical equipment, medecine, etc.

The opportunity cost of going to the doctor is working or resting

The doctors who work at the clinic may have delayed starting a family to go to medical school

Landscape Company Provides landscaping

services to its customers Requires gardeners,

gardening supplies, a truck, etc.

The opportunity cost of the customer monitoring the landscapers is going to work or running errands

A trade off the business owner made to establish the company may have been giving up a more stable job