Although most people want to maximum attainment of every economic goals, there is the operating reality of opportunity cost that causes us to give up some of one thing if we want more of another.
<h3>What is O
pportunity Cost?</h3>
Opportunity cost is a concept in economics and it refers to the cost of something that has to be given up to enjoy something better. This can be for example the benefits of second best alternatives (when the first best is chosen) or alternative use of something, which is not decided on (the cost of not using land for farming and using it for building a house instead).
It is the amount or benefits an individual or organization get when they choose a particular products over another one.
The advantage could be monetary benefits.
Therefore, we can conclude that Although most people want to maximum attainment of every economic goals, there is the operating reality of opportunity cost that causes us to give up some of one thing if we want more of another.
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False
mixed government: comination of both public(government) and private (people).
Inflation is known to increase price levels, so therefore, the answer is True.
The creation of interchangeable parts allowed relatively unskilled workers to complete the production process, which allowed for mass production. Additionally, interchangeable parts made repairs and replacements easier and cheaper.
Answer:
Change in supply means a total shift from product A supplied to product B.
Change in quantity supplied means in the same product A, the number of products supplied either increases of decrease but the product is still the same.
Explanation:
Change is supply is a total shift in products and change in quantity is only the number of units supplied in the same product. For an example, seasonal products like fruit are an example of both change in supply and change in quantity supplied. If Oranges are in season then the number of units supplied is obviously high and when the season is phasing out then the number will obviously decrease, law of demand and that is change in quantity supplied. When the season is out the market will shift products from Oranges to a available product.