1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Hunter-Best [27]
3 years ago
7

Jack currently works for a law firm full time and earns $60,000 a year. He is thinking of quitting his job to pursue a medical d

egree. Medical school will cost him $100,000 per year. If Jack quits his job and goes to medical school, the salary he currently earns would be considered what type of cost?
Business
1 answer:
suter [353]3 years ago
7 0

Answer:

Opportunity cost

Explanation:

In economics (a social science that studies human behavior in relation to ends and scarce means which have alternative uses), there are basic concepts such as scarcity, scale of preference, opportunity costs etc.

Human wants are unlimited and termed to be insatiable. However, the resources available to satisfy these wants are unlimited hence these wants are grouped in the order of importance known as a scale of preference. As the available resources are used to meet a need or satisfy a want, another will go unsatisfied due to the limited resources available.

The need/want that goes unsatisfied is known as the opportunity or real cost or cost of the alternative forgone. This is what Jacks salary will be considered as if he quits his job.

You might be interested in
John Deere is a manufacturer of agriculture equipment. Deere supplies replacement parts to dealerships across the globe. John De
Marrrta [24]

Answer: Internet of Things

Explanation:

The above scenario explained in the question shows that John is utilizing the Internet of Things.

Internet of Things (IoT) simply refers to the internet-connected objects which can be used to gather data over a wireless network and also transfer them.

The Internet of things is vital in this case as it helps to to have devices that self report in real-time, and improving efficiency.

5 0
3 years ago
Whick of the following terms applies to the way that society as a wholr earns and spends money?
VikaD [51]
It's impossible to choose a correct option as you've not attached any of it. Anyway I think that you mean the term which is called <span>APPROVED BUDGET.</span>
8 0
3 years ago
Identify whether the following paragraph uses a direct, indirect, or semi-indirect organizational pattern.
Anna007 [38]

Answer:

Correct answer is B that is <u>Indirect Organizational Pattern</u>

6 0
3 years ago
Read 2 more answers
Under which set of circumstances would it not be appropriate to assume the value the noncontrolling shares is the same as the co
BaLLatris [955]

Answer:

The correct answer is C

Explanation:

NCI stands for the Non-controlling interest which also called as the minority interest, it is defined as the position of ownership where the shareholder owns outstanding shares that is less than 50% and has no control on the  decisions.

Under the situation where the active prices for the shares are not acquired by the acquirer states a different value, it is not appropriate to assume the value of the non-controlling shares same as of the controlling shares.

7 0
3 years ago
Ok so i have a ton of questions i need answered for this test im taking. its on economics. anyone think they can help? thank you
satela [25.4K]
1. All of the following were powers given to the federal government by the National Banking Acts of 1863 and 1864 EXCEPT D. to dismantle privately owned banks 2. When economists measure opportunity cost to help determine the true value of economic decisions, they consider both the D. monetary and human value. 3. Which of the following was NOT an economic institution created in Europe to help foster economic unity among the countries there? D. European Union (EU) 4. Though the challenges of decision making are similar at all levels of the economy, B. the impact decreases as more people are involved. I think that the impact decreases as more people are involved because these people will be able to analyze many more aspects involving a decision as well as its corresponding consequences. The decision made will be a result of consensus among the people involved for the benefit of the majority if not all. 5. All EXCEPT which of the following options could describe the statement below? You get something and you give up something else. B. consumer sovereignty – This is a situation where the desire of the consumer affects the production of their desired goods. 6. Who proposed the first bank of the United States? B. Alexander Hamilton – He officially proposed the creation of the first bank during the first session of the First Congress. 7. As an economic institution, nonprofit organizations include D. professional organizations. The main purpose of these organizations is to make their profession better or more valuable for the people practicing the profession as well as for the benefit of the general public. 8. In economics, economic institutions serve to A. help establish and keep participation in the economy fluid. 9. Who is credited with first using cost-benefit analysis? B. Jules Dupuit – A French engineer and economist. He wrote an article in 1848 where the concept of Cost-Benefit analysis was presented. <span>
</span>
5 0
3 years ago
Read 2 more answers
Other questions:
  • Siemens AG invests €80,000,000 to build a manufacturing plant to build wind turbines. The company predicts net cash flows of €16
    8·1 answer
  • Capacity is:_______
    15·1 answer
  • Suppose $40,000 was invested on January 1, 1980 at an annual effective interest rate of 7% in order to provide an annual (calend
    15·1 answer
  • A property owner must spend $10,000 to pave his driveway. Upon completion of construction, his property value will increase by $
    7·1 answer
  • Axle Co.'s accounts receivable turnover was 9.9 for this year and 11.0 for last year. Betterman's turnover was 9.3 for this year
    5·2 answers
  • Describe the differences between traditional marketing communication strategies and service business communication strategies.
    15·1 answer
  • Suppose some firms exit an industry characterized by monopolistic competition. We would expect the demand curve of a firm alread
    10·1 answer
  • Greenwave Garden Centers is a national chain of discount gardening stores. The top management at Greenwave realizes that differe
    10·1 answer
  • Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. The company offers its
    6·1 answer
  • Sandoval needs to determine its year-end inventory. The warehouse contains 33,000 units, of which 4,300 were damaged by flood an
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!