Why do people do different types of Jobs? Write any two jobs that you would like to do?
Answers
Answer:
People have wide range of needs with a limited set of skills. Sure you can do everything you need your self but you will be faced with a trade-off between cost (i.e. time and other resources spent) and benefit (the quality and effectiveness of your product). Let’s now examine both sides of the trade-off:
Benefits side
Specialized people produce better quality product faster.
Costs side
When you specialize, you focus your efforts on doing one thing. By doing so, you costs become lower due to:
Some needs are not worth the effort to perform yourself because of fixed costs. Imagine you had appendicitis, are you willing to spend a fortune in student loans and 6 years of your life (which may not last so long because you have appendicitis) just to do one surgery for yourself? 1 surgery have costed you 6 years worth of college tuition plus the opportunity cost of doing some other work and getting paid and possibly your life. But, if you intend to focus on being a surgeon, this cost will be spread out on 1000s of surgeries over the cost of your career.
You concentrate demand of your inputs and thus be able to obtain better prices when buying in bulk. You will tap in onto other people’s economies of scale, other people will be willing to give better prices to a regular customer buying large quantities because it lowers their costs.
You reduce idle and wasted resources. Also, you will avoid wastage due to the “buns and sausages” situation; at home if you bought a pack of 8 buns and 10 sausages, you will end up with 2 extra sausages that may rot. Hot-dog specialists do not worry about that because if they bought 100 packs of 8 buns, they buy 80 packs of 10 sausages and whatever is left over will be used the next day or for the next customer.
Finally and most importantly: You cannot do it all! No matter how smart, dedicated and talented you are; you will never have all the natural gifts or the time or the resources it takes to learn every skill you will ever need.
Explanation:
Answer:
People do different types of jobs for their comfort and earning.
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