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]
2 years ago
6

7. Opportunity Costs exist when (4 points)

History
1 answer:
max2010maxim [7]2 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
1.Which of these would be used to
erastova [34]

Answer:

sq Kilometer

Explanation:

Kilometer if you're a Canuck, Mile if you're an American.

Squared of course.

4 0
3 years ago
Read 2 more answers
What was the role of mercantilism as a motivating factor for overseas exploration during the age of European Exploration ?
Rufina [12.5K]

The theory of mercantilism motivated overseas exploration as it posited that a country's power depended mainly on its wealth. Consequently, various nations sought to increase their wealth and power by establishing colonies where they could extract resources such as minerals which determined the wealth of a nation

6 0
3 years ago
How did John Fremont's description change people's view of the West?
Alborosie
John Fremont's ability to draw accurate maps was a talent. The map of the Great Basin was what "changed the entire picture of the West". His maps after 3 expeditions were used by thousands of people moving West.
6 0
3 years ago
Answer all 3 plss? if you do ilu<8
arsen [322]

Answer:

Explanation:

1, 3, 4

5 0
3 years ago
Britain wanted control over the Suez Canal because
riadik2000 [5.3K]

Britain wanted control over the Suez Canal because it was the shortest naval route between Europe and Asia.

3 0
2 years ago
Other questions:
  • What event caused the war in Afghanistan that has been the longest running conflict the US military has been involved in?
    13·2 answers
  • The last of the thirteen colonies to be found was
    13·1 answer
  • Nothing is good or bad, but it is<br>our thinking which makes it so.​
    11·1 answer
  • How did southern blacks lose rights in the years after the 13th, 14th, and 15th amendments?
    8·1 answer
  • The Lachish Letters were written during the time of?
    12·1 answer
  • Raymond of agiles writes about the slaughter in the temple but what is odd about his account
    13·1 answer
  • Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional
    11·1 answer
  • 3.
    10·2 answers
  • When did james madison die and what caused of death??
    5·1 answer
  • What”disease” did strong blame on immigration?
    12·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!