True Cost Economics: Gambling Isn’t As Expensive As You Thought

True Cost Economics: Gambling Isn’t As Expensive As You Thought

05/08/2018 Off By Blogger

Many people think that gambling online is very expensive. Though, in the majority of cases, they are wrong. In fact, if you spend the money you deposit on any other good you will see that that good is equally expensive.

Gambling in many countries has a bad reputation. It is a considered as a speculative business. It is the reason why gambling deposits for many people seem enormous. Though, if to count true costs of economics you will discover it is not exactly like that.

The true cost of economics and gambling

The concept of the true cost of economics is a basic economic principle. It helps to calculate not a financial cost of a good or service. It is a complex type of calculation. It takes into consideration many other factors. These factors depend on the industry.

In the food industry, for example, you can calculate a price of food item only adding profit to the cost of production. In reality, to count such costs rightly, you have to calculate the environmental cost.

Environmental costs occur very often in the process of production. If a good is produced at the factory, then there is a certain amount of C2O that comes the atmosphere every time the factory produces something.

It is why a price of food item gets automatically higher. The same happens in many other industries. Here are some more costs examples that make every good or service more costly:

  • Ethical costs. Many companies that produce goods and services often adapt appropriate ethical policy. They harm society a lot. In many cases, they pay very small wages to its employees. That is why they damage social fabrics significantly.
  • Ethical practices. Today many companies do not care about their corporate social responsibility. They buy raw materials in the countries where it is sold illegally. Even big corporations worldwide do it.

This information proves that the cost of the good we pay is actually much bigger. By buying products that harm our society we automatically overpay. We also harm our own life and the life of our children.

Is gambling industry really that bad

Today societies often take a bad industry for a good one and vice versa. It happens with the gambling industry in general. Gambling websites are considered as evil businesses that generate black income.

Though, the truth is exactly an opposite. Gambling companies pay taxes. They have very sufficient income and never hide it from the governments. The taxes they pay can feed many disabled people or people who lost their jobs.

It is a reason why it is a good idea for governments to tolerate gambling businesses. they shall become enterprises to collaborate with. Such a collaboration can be very fruitful.