Answer:
Opportunity Cost
Explanation:
Opportunity cost is an economic term that simply says that when you make a purchase, you forego another alternative. Money, or the lack of it is usually the main reason for making the decision to make a decision to get one product and forego another one.
Therefore, it is the term that describes the process of making an economic decision by considering both the advantages and problems that may arise from the decision.
Laissez Faire is the idea that the government should just let the economy run however it does without interfering
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Many manufacturing units were relocated to the urban areas due to the introduction and usage if steam power.
Explanation:
Second half of the nineteenth century is known for the factories that used steam power in the urban areas. Separate buildings housed the steam engine, and it inspired the development of factory model. Advance in iron and steel industry and rail road construction companies urged the factorial set up in cities rather than the towns.
In the countryside, many factories were set up near the rivers so that the finished products were easily transported to different places. Due to the invention of the steam engines, the transportation of finished goods was easy and feasible.
