Managing Resources
Define scarcity.
The concept in which human desires are unlimited while resources for achieving those desires are limited
Define scheduling.
The process of planning how time will be used to complete tasks
Define energy.
The ability to perform an activity or task
Define fixed expense.
An expense that does not change from month to month
Where is Big Ben located?
London, England
Define opportunity cost.
The sacrifice one makes in exchange to make one choice over another
Define delegate.
To pass off an activity or task to another to complete in your stead
How many hours of sleep per night should someone get?
7-9 hours
Define variable expense.
An expense that changes month to month
What is the oldest soda in America?
Dr. Pepper
What is the scarcity in this scenario?
Halloween has just ended. You want to go to the store to buy the remaining candy on sale. Unfortunately, when you go to the store, the candy has been replaced with Christmas decorations.
You don't have enough candy (or access to candy)
Define prioritize.
To decide which task is more important or impactful than another
What four factors affect your employees' energy?
Diet, physical activity, sleep, and attitude
What is an example of a fixed expense?
Rent, insurance, cable, subscriptions, etc.
Which NFL quarterback has thrown the most touchdowns?
Tom Brady (649)
What is the opportunity cost in this scenario?
Two of your classes have major tests coming up in the next week. Due to your work schedule, you can only spend about an hour a day studying.
In exchange for working your scheduled hours, you reduce the amount of time available to you for studying (and vice versa)
What is the difference between prioritizing and scheduling?
Scheduling is done after prioritizing: once you've decided which tasks are more important (prioritizing), you can then plan the time you spend doing them (scheduling).
To have a balanced diet, what should you do?
Eat foods high in vitamins and minerals
Avoid overconsumption of “empty calories” (foods with calories but little nutritional value)
Be aware of your own needs
Drink plenty of water
What is an example of a variable expense?
Gas, groceries, money spent eating at restaurants, etc.
Where is the Mona Lisa on display?
The Louvre Museum in Paris, France
What are the scarcity and opportunity cost in this scenario?
A tour guide in a popular mountain destination is scheduled to lead a morning hike but is offered a last-minute opportunity to drive a private group on a higher-paying full-day wine tour. Taking the wine tour means canceling the hike and disappointing regular customers; keeping the original plan means turning down a significant income boost.
Scarcity: You don't have the time or resources available to attend to both groups
Opportunity Cost: By choosing one group over another, you lose out on the revenue you would've made and potentially a loyal customer of your business
What qualities should you consider when prioritizing?
The tasks' urgencies, values, and whether you can delegate the tasks
What are two things you can do to improve your attitude?
View mistakes as tools for learning
Practice shaping your thoughts to reflect positive thinking
Consider others’ perspectives
Communicate thoughts and feelings
Focus on solutions rather than problems
What are the factors influencing one's credit score?
Payment history, amount of debt, length of credit history, amount of new credit, and types of credit
Which of the planets in our solar system is the hottest?
Venus!