Economic Decision Making In Daily Life Essay

391 WordsMar 10, 20122 Pages
Since almost every decision making process in our life revolved around economics, here’s my part of the story. It’s about the children. Aisyah, 6. Azril, 2 and Iskandar, the youngest, 3 months of age. Both of us (me & my wife) as parents are working in order to make the end meets and at the same time trying to provide the best possible yet affordable type of day care for them. With 3 options available, this is where the analysis begins. This only condition applies for all of the options (kindergarten school for Aisyah plus day care with her brothers). Also, we have agreed that no such opportunity costs will incur in this decision making process due to every allocation available being fully optimised. Option 1 – Registered Kindergarten School with Child Care Centre. Monthly total cost is RM 700 with 20 to 30 percent one-time fees. Significant benefits realised is (except for Iskandar), their ability to organise, being quite independent themselves and interaction skills improved. Option 2 - Registered Kindergarten School with an Employed Maid. Monthly total cost is RM 600 with still an enormous amount of 400 percent one-time fees. Then, dealing with the risk of 24 hours’ notice or self-terminate employment will be the constant fear or worrisome factor (total 2 years of contract) for us. (the factor covers every inconvenient issue that being faced by any employer). This is even we could realised how choosing this option may benefited those children! Option 3 - Registered Kindergarten School with Grandma & Grandpa Daycare. Monthly total cost is RM 700 with zero one-time fees charged. Actually, everything that our folks have done for us is always enough. We should never ask for more. Personally for me, I am not one of the so called ‘back seat generation’ in today’s era. As a family man, the driver’s seat is always ours to take, ready or not. However, this option has

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