The opportunity cost in this scenario is the three lost opportunities Harry experiences by deciding to go to his parents house. The term opportunity cost refers to <em>the loss of potential gain from other alternatives when one alternative is chosen. </em>The potential gain Harry may have lost by choosing to go to his parents for dinner instead could be <em>relaxation while fishing, His house painting being finished, and time spent with his friends at the birthday party. </em>These all can be considers lost opportunity due to choosing an alternate opportunity, that being dinner at his parents.
From the start of American involvement in World War II, Roosevelt took the lead in establishing a grand alliance among all countries fighting the Axis powers. He met with Churchill in a number of wartime conferences at which differences were settled amicably.
Division of Labor is a term often used in an economic context to refer to a situation where tasks mainly in the production process is delegated to different individuals who would focus or zoom in specifically on that task. Division of Labor is what has led to another economic term known as Specialization
The Suez canal is located in Egypt.
The Suez canal is located in Egypt west of the Sinai Peninsula and connects Port Said on the Mediterranean sea with the Port of Suez on the Red Sea. It provides a direct root for transport of good between Europe and Asia.
The canal is 195 km (121 miles) long and 300 meters wide. It can accommodate large ships of up to 150,000 tons fully loaded. It takes only 15 hours on average for a ship to traverse the canal from start to end.
The British opposed its construction in late 1861. It was officially opened in November 17, 1869
