ECON 120 – MicroeconomicsOctober 12, 2019
A luxury retail sales employee is highly encouraged to have a strong stylistic and a understanding of basic economic knowledge and should have outstanding analytical skills with a positive and result-oriented approach. The major duties include helping the client to purchase and item suggest to another item as well as getting to know the client as well to build up the relationship. By doing so, the retail sales employee will help the manager to precisely evaluate the business plans, stock of the product in store, and sales goals that are the focus of the boutique.
The employee is also expected to keep the manager up-to-date of the new sales and relationship building tactics. Working as a full-time luxury retail sales employee would have many challenges. Through it all the vital endeavors of the luxury retail employee, the most important one that would be in daily matters is the issue of thinking like an economist while outside the work setting.
The work set would fit the individual with a typical economist mindset. This will play off the intelligence and the important decision making that one will have to make either weighing up and using the economic principles while keeping in mind that there are idea resolutions because of tradeoffs. The economist is expected to weigh up things with efficiency in mind (Heyne, Boettke & Prychitko, 2009). This economic mentality has its applications in everyday issues in addition to its weakness. An example of its application is the use of opportunity cost to remain inside a specific spending plan.
It might include the assurance of whether to buy clothes or food. In such a case, if food is bought, there won’t be enough cash for clothes.
The work setting, and social life are two totally different things. Therefore, it is intensely essential to decide the levels in which to utilize the economic way of thinking while performing social matters. It is because majority of the social matters include actions that have results, which are cannot be measured. A perfect example would be trying to figure out the opportunity cost of working as a babysitter during spare time. When trying to think about such an issue using the economic way of thinking, many ideas will pop up (Cowen & Tabarrok, 2015). Instead of using the spare time to make the extra money, one would typically read a book, relax with a glass of wine, and see a movie go be with friends, or even have a self-care. Having this financial outlook in such a setting could be very unhealthy to on an individual’s mental health and well-being. This can force one person to put the needs of their own wallets above the needs of their own, health. Instead of resting preparing for the next busy day at one’s job, this individual may have chose to make money, and be with some rowdy children for a few hours. The issues that should be examined are the degree to which the financial attitude ought to be used. It is a difficult issue since many financial experts and experts who utilize economic tools in their work exercises don’t comprehend the restrictions of this information in their social settings. But some great financial specialists understand the extent of their method and do not fall victims of economic control in their social lives.
The professional life of a luxury retail employee depends on effective comprehension and usage of different monetary, fashion, and sales information. However, the outcomes of laid plans are mainly anticipated since the analysts use their knowledge to set certain achievable goals (Heyne, Boettke & Prychitko, 2009). An example is where a client may need help on how he/she may purchase a handbag. The luxury retail employee as well as their colleagues will help the main employee close the sale in order to achieve those goals. The plans set are not high subjects of unintended outcomes. However, the professional life of the luxury retail employee can be intense at times to the point that it can influence the individual’s way of life. In such a case, individual relies upon on economic thinking while at the same time undertaking all the social lifestyle. It doesn’t create a healthy way of life since the economic mindset of thinking has its limitations in the social existence of a person. An example may be a situation where the luxury retail employee works as a babysitter in their spare time. An incident may happen where a child they are caring for misbehaves forcing the babysitter to take an action that is based on an economist’s mindset and end up having unintended results. The most critical factor prompting to a high chance of unintended outcomes is the way that most social issues may have unexpected outcomes. So, the most vital thing is to comprehend that social issues are best dealt through incorporating economics and human intelligence. Combining the two empowers a person to have extensive reasoning and along these lines to concoct moral outcomes.
Human activities, especially in the situation of the babysitter, are liable to various results from the intended. However, the vulnerabilities faced should not restrict the ability of the babysitter to act. Other than using the economic information practiced at work, the babysitter will think of a moral approach that will empower the production of a normal and compassionate action while dealing with the kids (Moutsopoulos, 2015). The action may not foresee a specific outcome but will decrease the odds of having an unintended result. The discussion demonstrates that the economic way of thinking will be constrained by the utilization of the human viewpoint into caring for others. Therefore, most of the ideas learned in economics will be analyzed regarding what is right and wrong. The financial analyst will also have the capacity to keep up with social limits since he/she will highly respect the values that encourage human well-being. It means that the analyst will be in support of accomplishing satisfaction through taking care of children while working as a babysitter despite its low pay as part-time job. Seeking happiness through helping other people is one of the passionate states that make individuals feel human. However, it is only comprehended by using human intelligence. We can’t utilize use economic thinking in understanding the value of such an activity. The most likely aftereffect of considering the above circumstances by a financial analyst would bring unintended results possibly because it would bring more money than happiness. Combining economic knowledge and intuition outcomes to wisdom. It is the only limitation that a person should set while managing with social issues. By doing so, one will participate in a portion of some of the social activities by use of faith while being provided direction through insight (Moutsopoulos, 2015). The move will demonstrate helpful in avoidance of the two externalities and the unintended outcomes of their actions.
The analysis exhibits that it is critical to separate the work setting from the social life. It is because of the professional life involves the extensive use of economic knowledge that is both learned and acquired naturally to have a productive profession (Cowen & Tabarrok, 2014). However, the social life not just depend on this learning for one to achieve a productive public life. It is because the work setting mostly is based on goals that can be anticipated hence easy to monitor and control by the utilization of economic speculations. The predictability of these objectives makes it simple to determine the externalities and unintended results. By doing so, it is difficult to dodge or diminish the odds of having the unforeseen outcomes. The social way of life as shown in the case of the babysitter shows that most of the actions that he/she indulges in have no exact outcome. It implies that they need to act in confidence while utilizing wisdom to counter a problem in the social setting. It demonstrates that vulnerabilities restrain the economic thinking. It is because of this issue that the analysis suggests on utilizing human wisdom which is a combination of economic knowledge and instinct. It empowers one to come up with intelligent choices that have ethical outcomes. The move also brings up the aspect of humanity that is related with caring for each other.
The outcomes of the examination indicate that wisdom is important in our day-to-day life. It is accomplished by understanding that ethics is an important part of the society. Combining the economic knowledge learned with an ethical approach towards social issues is an ensured strategy for accomplishing sensible outcomes in an unpredictable setting. The most important theory to address the issue under analysis would be that of the utilization of human wisdom. It is more of a philosophical state of mind, however, is in accordance with the study of economics (Moutsopoulos, 2015). It is on the grounds that economics is mainly the study of the standards of human action. The situation demonstrates that it would be in the best interest to have an action that has the minimum externalities and unintended results. It would be likely using human wisdom.
Heyne, P., Boettke, P., & Prychitko, D. (2009). The economic way of thinking (12th ed.). Pearson.
Cowen, T., & Tabarrock, A. (2014). Modern principles (3rd ed.). New York: Worth Publishers.
Moutsopoulos, Y. (2015). Aristotle on Moral and Economic Crises. WISDOM, 2(5), 93.
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