Purchase Solution

"There is no such thing as a free lunch."

Not what you're looking for?

Ask Custom Question

One of the lessons of economics is that "there is no such thing as a free lunch."
That means that businesses, consumers and whole societies face tradeoffs whenever they make a decision.

* Explain a decision that you have made at work or concerning your career.
* Identify and explain the tradeoffs you faced.
* List the alternatives, identify the highest valued alternative, and explain the particular course of action you chose.

Purchase this Solution
Solution Summary

This solution discusses how opportunity costs exist in decisions we make and provides two examples and two online references.

Solution Preview

This concept deals with opportunity cost. "There is no such thing as a free lunch." signifies that each decision has some opportunity cost. As per net mba, Opportunity cost is based on what must be given up (the next best alternative) as a result of the decision. Any decision that involves a choice between ...

Purchase this Solution
Free BrainMass Quizzes
Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

View More Free Quizzes
Related BrainMass Solutions

  • Two questions about opportunity cost

    Why do economists believe there is no such thing as a free lunch? 2. Another situation to think about: Should Michael Phelps mow his own lawn?

  • individual payoffs

    314224 Microeconomics help One of the lessons of economics is that "there is no such thing as a free lunch." That means that businesses, consumers and whole societies face tradeoffs whenever they make a decision.

  • economic issues associated with school breakfast and lunch

    The article shows how there is a stigma on kids who eat free school lunches and breakfasts by their peers.

  • A fictional statistical representation of school lunch programs

    The null hypothesis is that there is no significant difference in the level of student participation between populations in schools that have low, medium, or high participation in free lunch programs.

  • Management dilemma of a restaurant

    If the restaurant is situated in a commercial area, the surrounding offices can be targeted and offer quick meals, free shuttle service to and from the restaurant, free delivery, free drink or free appetizer and discounts during lunch time.

  • Opportunity cost

    Many economists use the phrase "there is no free lunch" to highlight the fact that even if one is treated to a free lunch, somebody else is paying for that lunch and that resources that could have been used to produce another product or service have been

  • Formulating thesis statement for essay or speech

    What about TANSTAAFL -- there ain't no such thing as a free lunch? Is "free" health insurance a misnomer? Is it a lie? If so, explain. You see, these are some of the questions you need to ask yourself when thinking about your thesis statement.

  • National Debt Strategies

    The first generation has more money and no one loss anything. Is that great? Who say there is no free lunch in the real world? What do you think about this idea?

  • Probability Transition matrix

    Each day for lunch, Dr. Smith either brings in a lunch, has Taco Bell or gets a free lunch in the Springdale Room as he takes either students or guests of the department for lunch.

View More Related Solutions