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
Aneli [31]
3 years ago
11

What is the name of the economic concept that acknowledges that personal and financial resources are used for one purpose these

resources cannot be used for other purposes? Technically, this concept refers to the value of the next best alternative that must be given up when one selects the best alternative when facing a choice.
Business
1 answer:
ddd [48]3 years ago
3 0

Answer:

This concept is called the opportunity cost.

Explanation:

The opportunity cost of any economic decision is the cost of giving up or sacrificing its alternative. We are aware that resources are limited and have alternative uses. We have to use these resources to satisfy unlimited wants and needs.  

If we use resources for one purpose it cannot be used for another. So we have to make a decision on how to spend the resources, on which alternative use. If we select one alternative, we need to give up another. The cost incurred on sacrificing or giving up the other alternative is the opportunity cost of using the resource for the first alternative.

You might be interested in
Anwar dresses for a cold fall day and steps outside to find it sunny and hot. he goes back inside to change out of his sweater a
____ [38]
The answer to this question is practical
Practical intelligence refers to people's capability in applying the knowledges that they have into real life situation.
In this particular case, Anwar already knew the effect of clothes depending on the weather, and he apply that knowledge in order to achieve a certain desired outcome
8 0
3 years ago
The name of the budget that plans for how the business will run until it becomes self-sustaining, I.e. until it begins to make
amm1812

Answer:

start-up is the correct answer.

6 0
2 years ago
Living Wages - This is the topic of debate. I am looking for a help on two things. How to write the paper and how to prepare the
vazorg [7]

Answer:

the answer is as follows

Explanation:

First of defining real wages is a cumbersome process. The living wage calculator developed by MIT professor Amy Glasemeier in 2004 eased the way a little but that too has it's issues.

The paper you are trying to write should start with this that how the idea of living wages is in itself difficult to be adopted as it is. Second the free market approach has been more successful in the economic history and a lot of evidence and data is available on that. The analysis that your paper will develop should outline the concerns that mainstream economists have regarding living wages and support it with some actual data.

The presentation would be rather easy after writing the paper. Which will include some graphs and data and some scholarly citations and it should work.

3 0
3 years ago
Dairy Farm enters into a contract with EZ Serve Ice Cream Company to supply milk. Later, Dairy decides that it is no longer adva
andrew-mc [135]

Answer:

C

Explanation:

<em>A breach of contract occurs when one of the parties to a contract decides not to honor all or some of the terms spelled out in the contract. In other words, a breach of contract occurs when actionable terms in the contract are neglected by one of the parties to the contract.</em>

The actionable term in the contract signed by both Diary Farm and EZ Serve Ice Cream Company is for Diary Farm to supply milk to EZ Serve Ice Cream Company. <u>Hence, not supplying milk as agreed represents a breach of the contract, all other things being equal.</u>

Correct option: C

3 0
3 years ago
The part of the computer that contain the brain or central processing unit, is also know as the A. Modem b. Monitor. C. System u
timofeeve [1]
The awnser is C. system unit
7 0
3 years ago
Other questions:
  • At the first meeting, team members appear to have a difference of opinion regarding the direction of the project. Robin and Khal
    11·1 answer
  • Which of the following is not true about an informational interview?
    5·2 answers
  • Dimitri has several apple trees in his yard, and apples are a perfectly competitive market with a price of $2 per pound. if dimi
    11·1 answer
  • Carson Company purchased a depreciable asset for $560,000. The estimated salvage value is $28,000, and the estimated useful life
    15·1 answer
  • Which of these items is a tax deduction?. a)cash awards. b)interest from bonds. c)interest on a home mortgage
    15·1 answer
  • Depreciation represents the loss in a fixed asset's value due to aging. __________ appears on the income statement and represent
    5·1 answer
  • Destin Company uses the weighted average method in its process costing system. The first processing department, the welding depa
    11·1 answer
  • A three-year bond has an 8.0 percent coupon rate and a $1,000 face value. If the yield to maturity on the bond is 10 percent, ca
    9·1 answer
  • Simkin Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below:
    9·1 answer
  • if keynesian economists were analyzing the oncoming recession starting in 2007 from the housing market crash, what might they ha
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!