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2 years ago

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.

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What countries were on each side of the Cold War...

Law Incorporation [45]

Answer:

Communist countries verses Democratic (capitalist) governments

Explanation:

Basically the cold war was a "cold" or stale war between the pro-communist governments and the anti-communist governments. Main players included Pro-Comm: Soviet Union, China East Germany and the Warsaw Pact

Capitolism or Democratic: United States, France. Great Britian, West Germany and NATO

The Cold War was more of a political war than a physically fought war. It can be traced to the end of WWII or 1945. But, officially started in 1947 with the Truman Doctrine. It was a "geopolticial" war which had very little physical confrontation. The tension between the USSR and the US greated in 1949 when the USSR tested it's first Atom Bomb when the US announced a bigger better bomb, there was a fear of nuclear war between the 2 countries. The Space Race was also a highented compeititon which the USSR was ahead in landing a man on the moon in 1961, which President Kennedy would counter with declaring "we would put a man on the moon by the end of the decade."

The idea of the Red Scare (1947) would spread amongst the American people (and other capitalist countries) this was the rapid fear of communisim spreading into our governments and taking over slightenly. This would lead to people being fired, black-listed, and prosecutions of suspected communist.

Notable conlicts in this time were The Bay of Pigs 1961 and the Cuban Missile Crisis 1962, The Korean 1950-53 and Vietinam Wars 1955-75 were overseas conflicts that the US became involved with due to NATO ties and as an attempt to stop the international spread of communist governments.

The fall of the Berlin wall, seperating East and West Germany famously came down in 1989 and the USSR colapsed in 1991 officially ending the Cold War. The biggest note is there was never direct warfare between the USSR and the US, only proxy wars.

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3 years ago