Answer:
Stan's behavior demonstrates time inconsistency.
Explanation:
In Economics, time inconsistency is the change that occurs in a person's preferences over time. That change leads the person to reach a different evaluation when it comes to the costs and the benefits of a decision. In Stan's case, he seems to be prioritizing his time. He even complains that he never has enough time to finish all his homework. We can assume, from his complaint, that he wishes he had the time. Yet, at this very moment, he has chosen to watch three movies instead of doing his assignments. His current decision is inconsistent with what seems to be his preference. Clearly, he believes the benefits of watching the movies to be higher than the costs of not doing his homework. At this moment, therefore, there is an inconsistency between his preferences.
Answer:
History Behind the Wilderness Road. The earliest origins of the Wilderness Road were the traces, or trails, created by the great herds of buffalo that once roamed the region.
Explanation:
Daniel Boone & the Transylvania Company. ...
Blazing a Historic Trail. ...
Westward Movement. ...
It protected English citizens' individual freedoms.
Answer:
A producer who has a <u>"comparative advantage"</u> experiences less cost when producing that good when compared with another producer.
Explanation:
When a producer is able to produce goods at a lower opportunity cost than the cost of other producers or partners of trade, than the term which is used in economics for this is comparative advantage. When you sell goods at lower cost than the others, it’s obvious that you will get stronger sale margins because everyone will buy your products.
