What I spend is someone else’s income. Apple co-founder Steve Jobs discussed every morning at breakfast with his family about buying a set of Miele washing machines and dryers from Germany for two weeks. Why? Of course, it was to teach their children about economics and to illustrate a lesson about opportunity cost, a common trait among wealthy people. If you buy this washing machine, you cannot buy that one. That is the opportunity cost. It’s a form of relative value, based on the idea that choosing one option means sacrificing another, so the value of each can be compared within those limits. Wealth begins with training in understanding even trivial opportunity costs. To succeed in business, you need to learn how to measure opportunity cost first, rather than just how to make money. - Joseph’s “just my thoughts”
Antibiotics are agents that eliminate bacteria. Since bacteria are living organisms, they can develop resistance when individuals misuse antibiotics, resulting in so-called “resistance.” Consequently, antibiotics are not always effective against bacteria. The widespread use of antibiotics can diminish the chances of treating future patients by fostering bacterial resistance. Therefore, pharmaceutical companies that produce antibiotics establish ethical guidelines for fair market competition. It is advisable to administer one antibiotic to target a specific bacterium. However, developing a new antibiotic and achieving profitability typically takes about 20 years, presenting a daunting challenge. Additionally, some individuals aggressively market health supplements, often disregarding ethical considerations. Those involved in health and wellness must exercise great care. - Joseph’s “just my thoughts”