Which variable was the biggest part of the total and which the smallest etc.
Answer:
The other items you could have purchased with your $50
Explanation:
Opportunity cost represent the loss of potential benefit that occurs when you choose an alternative decision. This concept is usually used by businesses during their budget allocation process in order to find out the best way how to spend their capital.
On the example above, You receive $50 as a birthday gift. That $50 can be used for anything. You can choose to use it to purchase games, clothing, foods, etc. But you decided to spent it on wallpaper. By purchasing the ability you lose the opportunity to buy any of those other things. This loss is what considered as opportunity cost.
1. Control of natural resources of colonies
2. The imperialistic nature of hegemony on government (couldn't have power w/o owning colonies)
3. Governments such as Spain, France, and the UK wanted to spread Christianity
4. They wanted to explore and exploit the unknown
The Continental Congress created the Continental Association, an agreement to boycott British goods. Additionally, it was decided that if the Coercive Acts were not reversed after a year, goods were to stop being exported to Great Britain as well.
