The myth of the west and what the west actually is is different. People really didn’t think there was America but once they realized they there was America they thought that there were a bunch of savages that lives there
They dressed as Native Americans as Mohawks and went out to the Boston Harbor and dumped all the tea from the ship into the ocean.
Answer:
People make choices about what to buy.
Explanation:
Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.
Simply stated, it is the cost of not enjoying the benefits, profits or value associated with the alternative forgone or best alternative choice available.
Hence, the opportunity cost of buying a product is the utility (satisfaction) that could be derived in another product using the same amount of money.
For example, if you decide to use your money to buy a Playstation 5, your opportunity cost would be the satisfaction you could have derived if you had invested the same amount of money in buying a bike for easy transportation.
Hence, opportunity costs exist when people make choices about what to buy.
It was during the Cold War era that two economic philosophies were predominant: Capitalism and communism--with the United States advocating for the former and the USSR advocating for the latter.
