CONCEPCION, MARY JUSTINE S.

EVERYTHING HAS A PRICE

Everything has a cost, both monetary and nonmonetary, and it is crucial to understand
these costs before making any decisions. If we understand the true cost of our choices, we can
make more informed choices about how we spend our time, money, and resources.

The saying "everything has a price" can refer to a broad range of ideas in the economy,
such as opportunity cost, the sachet economy, fast fashion, the high cost of cheap food, and
gender neutral pricing. Obtaining something always has a cost, even if it is not monetary.

For example, when we choose to watch a Netflix series, we lose the opportunity to do
something else with our time, such as study or work. In terms of the articles provided,
opportunity cost is widely seen in the economic scene. The sachet economy may appear to
reduce the opportunity cost of purchasing goods, but it may also result in increased
consumption and waste. Fast fashion may be seen as a way to reduce clothing costs, but it can
also cause environmental damage and poor working conditions. The high cost of cheap food is
reflected in the health issues associated with eating processed foods. Gender neutral pricing
can be seen as a way to reduce gender bias, but it can also result in price increases.

The concept of opportunity cost can help businesses determine the best price for their
products or services when it comes to pricing. In competitive pricing, for example, businesses
can use opportunity cost to set prices that are competitive with those of their competitors.
Businesses can ensure that their own prices do not exceed or fall short of what is appropriate by
considering the opportunity cost associated with their competitors' prices.

Understanding the concept of opportunity cost allows us to make more informed

decisions about our spending. As a student, I have the option of purchasing items with higher
quality, sustainability, and health benefits.

Here are a few changes I can make while keeping the opportunity cost of my purchases in mind:

● Reduce my purchases: By purchasing fewer items, I can reduce the use of resources
involved in producing and transporting the products, thus reducing waste generation.

● Choose higher-quality items: Higher-quality items are typically made of durable materials
and are intended to last longer. This means I won't have to replace them as frequently,
which will result in long-term cost savings.

● Support sustainable brands: Many companies are committed to promoting sustainability.

By aligning my purchases with these brands, I can contribute to environmental
preservation while avoiding activities that harm the environment.
 The government plays a role in all of this. What they can do is address the negative
impacts of the sachet economy, fast fashion, cheap food, and gender-neutral pricing by:

● Providing subsidies
● Investing in infrastructure
● Raising awareness
● Adoption of legislation

Subsidies for sustainable packaging materials, textiles, and agricultural practices, in

particular, can be provided by the government. They may additionally make investments in
waste management infrastructure and new, healthier food product research and development.
Furthermore, the government can raise awareness of the environmental and social
consequences of these practices, encouraging consumers and businesses to make more
sustainable decisions.

It is crucial to recognize that the government is not the sole entity capable of addressing
these issues. Businesses, consumers, and civil society organizations all play an important role.
However, the government can play an important role in setting the tone and providing the
resources required to move forward.