The opportunity cost of a decision refers to the benefits that a person misses out on when choosing a particular alternative over another one. Knowing the opportunity cost of your choices is likely to help you make better decisions in an informed way.
In this example, if you were to choose the Maroon 5 concert, the benefit that you would miss out on would be the chance to attend a Taylor Swift concert. This is a real possibility as the tickets are under budget. The consequence would be very significant as you are a huge Taylor Swift fan.
The answer is D, Which is A and B
Answer:
The correct answer is option A.
Explanation:
The dynamic model of aggregate supply and aggregate demand shows that if an economy the total spending in the economy increases faster than total production, there will be a shortage. This shortage will cause the price level to increase and will ultimately lead to inflation.
When the increase in aggregate demand is greater than the increase in aggregate supply, it will create a shortage in the economy. The demand for goods and services will be more than the supply of goods and services. This will cause the price level to increase.
Instead of living in a service economy, we now live in a(n) Mixed economy.
Explanation:
- A mixed economy consist of both private and government /state owned economies which share control of owning, making, selling, and exchanging good in the country.
- U.S. and France are two example of Mixed Economy
Answer:
The insurer pays the mortgage lender $76,000.
Explanation:
As the total outstanding amount is only $76,000
Although that the value of home is $110,000. But only the outstanding balance which is yet not repaid on mortgage will be paid to mortgage lender.
This will be paid by the insurer as the house was insured, and even though if it is burned intentionally, the insurer can not run from his liability.
Accordingly the entire balance of mortgage lender, since amount outstanding is less than value of home will be paid by the insurer.
