The term opportunity cost is a measure that considers the person's preferences, that means that it is different in every person. It analizes the things you are leaving over whenever you make a decision.
In Katie's example, the opportunity cost of the money she wabts to spend in buying a car is what she is not going to do with that money.
Answer by YourHope: Hi! :) Copernicus: was a Renaissance-era mathematician and astronomer. Galileo: was an Italian astronomer, physicist and engineer. Keplar: was a German astronomer, mathematician, and astrologer. Bacon: was an English philosopher and Franciscan. Descartes: was a French philosopher, mathematician, and scientist. Newton: was an English mathematician, physicist, astronomer, theologian, and author. Ana de Osorio: was a Spanish nobleman and captain general. Andreas Vesalius: was a 16th-century Flemish anatomist, physician, and author. Have a BEAUTIFUL day~
The code of Hammurabi and Chinese legalism both rely on the idea that in order for a state or society to function well and properly, people need to follow a strict adherence to the rules of the state.
William Penn believed strongly that Indians should be treated fairly. He traveled to the interior of the colony and befriended different Native American tribes. He insisted that the Native Americans be paid a fair price for any land that was purchased from them.
