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
miskamm [114]
3 years ago
6

7. Opportunity Costs exist when (4 points)

History
1 answer:
max2010maxim [7]3 years ago
5 0

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.

You might be interested in
What were the provisions of the Compromise of 1850 as proposed by Henry Clay?
eduard

Answer:

His legislative package included the admission of California as a free state, the cession by Texas of some of its northern and western territorial claims in return for debt relief, the establishment of New Mexico and Utah territories, a ban on the importation of slaves into the District of Columbia for sale.

Explanation:

6 0
3 years ago
What charges does berkeley make against bacon
Ugo [173]
As proprietor of Green Spring Plantation in James City County, he experimented with activities such as growing silkworms as part of his efforts to expand the tobacco-based economy. Berkeley enacted friendly policies toward the Native Americans that led to the revolt by some of the planters in 1676 which became known as Bacon's Rebellion. In the aftermath, King Charles II was angered by the retribution exacted against the rebels by Berkeley, and recalled him to England.
4 0
3 years ago
What effect did common sense have on colonial attitudes toward great britain
k0ka [10]
Common Sense by Thomas Paine was highly instrumental in convincing the colonists that they should separate from Great Britain, since it called into question the idea that such a vast and prosperous land should need the support of a small island nation (Britain). 
8 0
3 years ago
Which advancement has had the GREATEST impact on how the average American shops for goods today compared to the 1970s?
fomenos
The American shops for good today’s are fruit , businesss ,
7 0
3 years ago
Read 2 more answers
What feature formed the western border of the United States in 1783
Ratling [72]

I believe the answer is the Ohio river.

8 0
3 years ago
Read 2 more answers
Other questions:
  • Which technique does the writer use to strengthen the argument that stress affects health and wellness?A)uses personal testimoni
    12·1 answer
  • Which of the following might be considered the most productive anti-drug policy? A. eradication B. foreign aid C. support of loc
    5·1 answer
  • What were the main causes of the american revolution?
    11·2 answers
  • Which of the following statements best describes French settlers' treatment of Native Americans?
    8·1 answer
  • What Happened because of the US Civil War
    6·1 answer
  • Why did the delegates at the Constitutional Convention of 1787 agree to the Three-Fifths Compromise?
    9·2 answers
  • “The very games at which he takes a hand in the street become polluting in its atmosphere. With no steady hand to guide him, the
    14·1 answer
  • Why did the First Continental Congress send the Declaration of Independence to the king?
    11·1 answer
  • Jesus taught people to serve others when he told the _____ of the Good Samaritan​
    12·2 answers
  • How did television contribute to a culture of conformity in the United States<br> during the 1950s?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!