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
Aleks [24]
3 years ago
5

Sam is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: In o

rder to swim for an hour, Sam must take time away from work, where he earns $10 per hour. This is in addition to paying a $5 entrance fee for the pool. Which basic principle of individual choice do these statements best illustrate? The cost of something is what you give up to get it. Markets are usually a good way to organize economic activity. People usually exploit opportunities to make themselves better off. Trade can make everyone better off.
Business
1 answer:
Lorico [155]3 years ago
7 0

Answer:

The cost of something is what you give up to get it.

Explanation:

To partake in triathlon, Sam is forgoing the amount he would have earned if he went to work instead. This is known as the opportunity cost or implicit cost

Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

Sam has to pay $5 to partake in the triathlon. This amount is known as explicit cost. Explicit cost is the cost incurred in carrying out an activity.

Sam's accounting cost is $5

Sam's economic cost is $5 + $10 = $15

I hope my answer helps you

You might be interested in
What are the<br> potential benefits of moving from a command<br> economy to a market-based system?
Nataly_w [17]

Some benefits citizens of a centrally planned economy derive from a move toward market based system are: Greater efficiency of resource use. Determines the types of goods and services to be produced the method in which they will be produced and the allocation of finished products.

3 0
3 years ago
Explain the technique to make change in counter transactions correctly.
dem82 [27]

Answer:

The correct ways to prepare a customer's change over the counter are:

Explanation:

1. In the cash drawer, store each denomination together in a section

2. As you receive cash, straighten them out and arrange them uniformly. Let every bill be faced in the same direction.

3. Deduct the total price of goods bought from the total amount handed to you by the customer.

4. The result from the above calculation is the customer's change.

5. Peek into the cash drawer and neatly pick out the notes or bills that make up this amount.

6. Carefully replace the shifted bills or coins in the drawer.

7. Place your hands on the desk or in sight of the customer and count the change for them to see.

8. Hand it over to the customer!

8 0
3 years ago
__________help(s) employees understand the history and past actions of an organization, and make the current organizational cult
LekaFEV [45]

Answer:

The correct word for the blank space is: Stories.

Explanation:

Stories tell employees facts of the company that occurred in the past and led the organization to be positioned where it currently is. It usually includes events of how the company started, who were the initial owners, and what happened with the enterprise that allowed its success or failure.

7 0
3 years ago
The income statement of Sheffield Corp. for 2020 included the following items: Interest revenue $137000 Salaries and wages expen
Gnoma [55]

Answer:

$133,800

Explanation:

Calculation for The cash received for interest during 2014

Using this formula

2014 Cash received for interest=Interest revenue-2014 Interest receivable+2013 Interest receivable

Let plug in the formula

2014 Cash received for interest=$137,000-$18,200+ $15,000

2014 Cash received for interest=$133,800

Therefore The cash received for interest during 2014 was:$133,800

4 0
3 years ago
Alpha Company has assets of $620,000, liabilities of $260,000, and equity of $360,000. It buys office equipment on credit for $8
Sliva [168]

Answer: Increase in assets and increase in liabilities.

Explanation: As we know that accounting equation is denoted as :-

Assets = capital + liabilities

where,

. Assets are the resources owned by the firm for the generation of revenue.

. Capital means the funds procured by company in the form of contribution        by the owners or in the form of debt.

. Liabilities are the obligations on the company.

.

Purchase of office equipment on credit will result in increase in assets as office equipment is used for administration purposes and as it is purchased on credit it will also increase its liabilities.

3 0
3 years ago
Other questions:
  • Amy and Brian agreed to pay $385,000 for the company. Ernesto has a tax basis in the BLI stock was $100,000. Included in the sal
    11·1 answer
  • What is the relationship between the National Response Framework and the National Incident Management System (NIMS)? A. The Nati
    12·2 answers
  • What term is used to describe spread-out or low-density development beyond the edge of services and employment
    11·1 answer
  • 15.क्रिया शब्दों के काल के भेद चुनिए- माँ ने मिठाई बनाई ।।
    11·2 answers
  • When you use the Management Studio to create a check constraint, you can specify whether you want the constraint enforced for in
    15·1 answer
  • Indirect labor includes:_________ (You may select more than one answer. Single click the box with the question mark to produce a
    9·1 answer
  • Suppose that American firms become more optimistic and, for any given interest rate, decide to increase investment expenditure t
    7·1 answer
  • Good relationship selling increases
    6·1 answer
  • In person or online events for potential candidates to meet with multiple employers in one place are called
    12·1 answer
  • management is defined as the science and art of ensuring that goods and services are created and delivered successfully to custo
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!