After getting married, Joe, 32, and Melinda, 29, decide to take out life insurance policies. Joe would like a 15-year term polic
y and Melinda would like a 20-year term policy. They each want a $300,000 policy. How much can Joe and Melinda expect to pay in premiums the first year?.
Resources are limited in supply(scarcity) while wants are unlimited thus one has to make a choice to satisfy a need.Some choices are forgone(opportunity cost)
