The set of all possible sample points [experimental outcomes] is called the sample space.
Non material invention include IDEAS, BELIEFS, VALUES AND NORMS, while material inventions include TOOLS, EQUIPMENT AND DEVICES.
Non material inventions are those thoughts or ideas that make up a culture while the material invention refers to those devices and tools that are used in a culture to produce material things.
Answer:
A factor
Explanation:
A factor is the cost per thousand that is required to create the principal and interest payment necessary to pay off a loan.
Answer:
The concept of economic profit ....... <u>alternative</u> two options.
If economic profit is positive .......... <u>Current </u>option.
If economic profit is negative............ <u>Other </u> option
Explanation:
Economic Profit is the excess of revenue associated with an option, over its costs (explicit external & implicit opportunity costs).
Example : Revenue - Direct explicit cost of production - opportunity cost (like interest on money invested, salary of job left foregone).
The concept is used to make decision between two<u> alternative</u> options. Given, zero economic profits imply indifference.
Positive Economic Profit implies - one should choose<u> Current </u>option, as it will make <u>Better off </u>, having more benefit than other option
Negative Economic Profit implies - one should choose <u>Other </u> option, as it wil make better off, having more benefit than the former considered option.