The work has not been graded but I like the output that was submitted to me. Is it possible for the same prof to do the next assignment I will be submitting? If possible, I will greatly appreciate it.
Reply with at least 150 words in text citation and reference
Opportunity cost is defined as, “The opportunity cost of an alternative is the profit you give up to pursue it” (Froeb, McCann, Shor & Ward, 2016). Industries such as textile and clothing play a very significant part in the US economy because there are always new trends or styles being put out on the market for consumers to buy. One reason behind shifting manufacturing abroad is to increase profit on items. Having items being manufactured outside of the United States means that workers can be paid a smaller amount in a rural country which means that there can be an increased amount of profit coming in. This shift has affected economic well being locally by taking jobs out of the United States and providing jobs in different countries allowing locals to have the opportunity to work. With shifting manufacturing abroad, there are both gains and losses to take. One gain is having the potential to bring in a bigger profit for the company to boost its inflow of money. One loss is that companies have to pay different taxes and shipping costs of the items that might come with a delay in receiving the goods. Overall, there are a lot of things to take into consideration when thinking about manufacturing abroad to take into consideration when making that decision.
Froeb, L. M., McCann, B. T., Shor, M., Ward, M. R. (2016). Managerial economics: A problem-solving approach (4thed.). Boston, MA: Cengage Learning
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