What is the name of the economic concept that acknowledges that personal and financial resources are used for one purpose these resources cannot be used for other purposes? technically, this concept refers to the value of the next best alternative that must be given up when one selects the best alternative when facing a choice.
Solved
Show answers
More tips
- P Photography and Videography What is lens calibration and why is it needed?...
- F Family and Home Stay Warm but Don t Overheat: What is the Optimal Temperature for Your Home During Winter?...
- H Health and Medicine How to Treat the Flu: A Comprehensive Guide...
- O Other What is a Disk Emulsifier and How Does it Work?...
- F Family and Home What does a newborn need?...
- F Family and Home Choosing the Right Car Seat for Your Child: Tips and Recommendations...
- F Food and Cooking How to Get Reconfirmation of Registration?...
- C Computers and Internet How to Get Rid of Spam in ICQ?...
- A Art and Culture Who Said The Less We Love a Woman, the More She Likes Us ?...
- F Family and Home How to Get Rid of Your Neighbors?...
Answers on questions: Business
- B Business We will derive a two-state put option value in this problem. data: s0 = 180; x = 190; 1 + r = 1.1. the two possibilities for st are 210 and 110.a. the range of...
- B Business Below are four mini-cases from practice. Break into small groups and (1) analyze the case and (2) provide five recommendations for the IT department. Project A)...
- B Business Name the factors that influence the development of accounting...
- G Geography What body of water is most interested in controlling?...
- C Chemistry In science class, Jonathan added a small amount of sand to a beaker of water. He stirred it vigorously so that all the sand swirled around in the water. Jonathan...
- M Mathematics Finn and Jax are staying at a hotel for a baseball tournament. Jax was on the 20th floor and his elevator went to ground level at a constant rate, as shown in the...
- M Mathematics 1/2(2p+8)=-p+5 solve plz...
- M Mathematics Colin buys a tv for £800. It depreciates at a rate of 1% per year.How much will it be worth in 2 years?Give your answer to the nearest penny where appropriate....
- E English Reread lines 28-54 of “Inferno.” What does Satan look like? Why does Dante describe him this way?Essential Question: Why are both vision and disillusion necessary?What...
- M Mathematics Please graph this and post photo for the answer. I m giving good points...
Ответ:
This concept is called the opportunity cost.
Explanation:
The opportunity cost of any economic decision is the cost of giving up or sacrificing its alternative. We are aware that resources are limited and have alternative uses. We have to use these resources to satisfy unlimited wants and needs.
If we use resources for one purpose it cannot be used for another. So we have to make a decision on how to spend the resources, on which alternative use. If we select one alternative, we need to give up another. The cost incurred on sacrificing or giving up the other alternative is the opportunity cost of using the resource for the first alternative.
Ответ:
spend time sitting
indoors, environmentally controlled
telephone
electronic mail
Explanation:
A C D F