Question

For each of the following scenarios identify the correct term.

Answer 1

Solution :

a). Opportunity cost

  In the field of economics, Opportunity cost may be defined as the loss of a potential gain when some other alternatives are chosen from a given set of opportunities.

b). efficiency

c). Our professor presents us the incentives for major in economics.

d). I can complete the project via specialization more efficiently rather than doing it all each part of the project together.