Answer:
Opportunity cost
Explanation:
Opportunity cost is the sacrificed benefits in decision making. Making a decision involves selecting one option from several choices. The forfeited advantage from the next best alternative is the opportunity cost.
Monica has chosen to join college. She has sacrificed her job at the supermarket to make time for college. Her forfeited weekly pay from her job is the opportunity cost for joining college.
Answer: . an increase in aggregate demand and short-run aggregate supply
Explanation:
From the question, we are informed that during the 1990s, the economy of the United States was experiencing long-run economic growth, low unemployment, and a stable inflation rate.
The reason for this is due to an increase in aggregate demand and short-run aggregate supply. This two factors will lead to the long run economic growth which the United States experienced.
Answer:
It would be unethical and a conflict of interest for Solomon to let his uncle in on the details because it would give his uncle an unfair advantage against the other bidding contractors. It's a form of nepotism
Explanation:
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Answer:
b. why, when, and how goods and services should goods be produced?
Explanation:
The three fundamental questions of economics are solving the basic problems faced by economic agents. What to produce? How to produce? Who to produce for?
These questions are pertinent because resources are scarce, but human needs are unlimited. Therefore, one has to choose the best combination of resources to make a production that meets human needs. The timing of production will depend on the perception of needs (demand), so that as man evolves, new demands emerge to improve people's quality of life.
