Frozen Food Market
Over the last 60 years, the frozen food market has boomed. In 2012, sales were $44 billion, about 44 times what they were in the mid-1950s. Increased labor force participation by women has increased the opportunity cost of their time. In other words, the cost of preparing meals “from scratch” has risen. A second factor complementing this is a technological improvement, the introduction of the microwave oven. In fact, the widespread acceptance of microwave ovens occurred because of the increasing opportunity cost of time for housework. Entrepreneurs look for areas in which opportunity cost is rising to get some ideas about new technology.
* List and describe a device that was developed in response to higher opportunity costs of time. Explain what was used before the new device and technology was available and how it is an improvement to the “old way of doing things.”
* Alternatively, you may describe an idea you have for a future technology or device that could be developed in response to a high opportunity cost of time.
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