Answer:
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Answer:
The significance of the following terms from this lesson. a. desert b. inflation is discussed below in complete detail.
Explanation:
The desert has a significant influence on the world environment and vegetation and particularly the environment and vegetation of the region which is incorporated with desert (for instance the Sahara in Africa or the desert Thar in Asia).
Inflation is necessary because it delivers the money/currency that is being issued out less important in a country.
Answer:
People make choices about what to buy.
Explanation:
Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.
Simply stated, it is the cost of not enjoying the benefits, profits or value associated with the alternative forgone or best alternative choice available.
Hence, the opportunity cost of buying a product is the utility (satisfaction) that could be derived in another product using the same amount of money.
For example, if you decide to use your money to buy a Playstation 5, your opportunity cost would be the satisfaction you could have derived if you had invested the same amount of money in buying a bike for easy transportation.
Hence, opportunity costs exist when people make choices about what to buy.
